Philo t. farmsworth is a corn farmer with a 40-acre tract of land. each acre can produce 100 bushels of corn. the cost of planting the tract in corn is $20,000, and the cost of harvesting the corn is $10,000. in may, when corn is selling for $10 per bushel, philo plants his crop. in september the price of corn has fallen to $2 per bushel. what should philo do? explain, assuming that there are no costs involved with bringing the corn to market to sell.

The struter partnership has total partners’ equity of $510,000, which is made up of main, capital, $400,000, and frist, capital, $110,000. the partners share net income and loss in a ratio of 80% to main and 20% to frist. on november 1, adison is admitted to the partnership and given a 15% interest in equity and a 15% share in any income and loss. prepare journal entries to record the admission of adison for a 15% interest in the equity and a 15% share in any income and loss under the following independent assumptions. (1) record the admission of adison with an investment of $90,000 for a 15% interest in the equity and a 15% share in any income and loss. (2) record the admission of adison with an investment of $120,000 for a 15% interest in the equity and a 15% share in any income and loss. (3) record the admission of adison with an investment of $80,000 for a 15% interest in the equity and a 15% share in any income and loss.