In the ad partnership, allen's capital is $140,000 and daniel's is $40,000 and they share
income in a 3: 1 ratio, respectively. they decide to admit david to the partnership.
refer to the information provided above. allen and daniel agree that some of the inventory
is obsolete. the inventory account is decreased before david is admitted. david invests $40,000
for a one-fifth interest. what are the capital balances of allen and daniel after david is
admitted into the partnership?

Mesa company produces wooden rocking chairs. the company has two production departments, cutting and assembly. the wood is cut and sanded in cutting and then transferred to assembly to be assembled and painted. from assembly, the chairs are transferred to finished goods inventory and then are sold.mesa has compiled the following information for the month of february: cutting department assemblydepartmentdirect materials $ 73,000 $ 13,000direct labor 73,000 108,000applied manufacturing overhead 159,000 171,000cost of goods completed and transferred out 233,000 255,000required: 1, 2, 3, & 4. prepare journal entries for the transactions in the cutting and assembly departments of mesa company. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)