19. All nominal accounts have been adjusted and Jordan Pinen Ordan, Pipen and Kerr are partners...
19. All nominal accounts have been adjusted and Jordan Pinen Ordan, Pipen and Kerr are partners with capital balances of $75,000, $126,00 $61,500, respectively on lanuary 26 2019. All nominal accounts have Tosed as of January 26, 2019. The partnerschare profits and losses according to the following percentages: 35% for Jordan 4 no percentages: 35% for lordan 400 for Pinen and 25% for Kerr. On January 26, 2019, Rodman is to join the partnershin non contributing $67.500 in cash and some equipment with a book value of $14.500 and a fair value of $16.500 to the partnership, in exchange for a 20% interest in capital and a 200% interest in profits and losses. The existing assets of the original partnership are undervalued by $42.600, of which $31,500 relates to land and $11,100 relates to inventory. If necessary, the partnership will recognize goodwill. The original partners will share the balance of profits and losses in proportion to their original percentages. REQUIRED: Prepare the journal entries necessary to record the above events. February 21, 2019, the partnership suffered a hurricane loss of $180,000. The partnership insurance policy includes a 15% deductible. How must of this loss should be absorbed by each partner.