On January 1, 2014, James and Jack formed a partnership. The partners agreed to invest equal amounts of capital 3,000,000. Jan 2 Purchased merchandise on account totaling 54,000 FOB destination, freight prepaid; terms 2/10, n/30.Jan 9 Acquired land with a fair market value of 1,300,000.Jan 11 Paid the amount due from the Jan 2 transaction.Jan 19 Acquired supplies for cash, 81,000.Jan 24 Purchased merchandise on account 400,000 FOB shipping point; terms 2/10, n/30. Paid LBC express 12,000 for freight charges.Feb 12 Sold merchandise on account to Nadine, 43,000 FOB shipping point; terms 3/10, n/60.Feb 23 Paid the amount due on Jan 24 transaction.Mar 7 Cash sales, 140,000.Mar 11 Received partial payment from Nadine, 20,000.Mar 13Purchased merchandise on account 200,000 FOB destination, freight prepaid; terms 2/10, n/30.Apr 3 Acquired furnitures and fixtures, 21,000.Apr 12 Paid the amount due on March 13 transaction.Apr 19 Acquired Building for 2,000,000.Apr 20Received the remaining balance from Nadine.Apr 24 Purchased merchandise totalling 350,000 FOB shipping point, freight prepaid; terms 2/10, n/30. Transportation costs amounted to 17,000.April 26 Sold merchandise on account to Yassi, 240,000 FOB destination, freight collect; terms 2/10, n/30. Transportation cost amounted to 14,000.May 1 Paid the amount due on April 24 transaction.May 3 Collection from April 26 transaction.May 5Purchased merchandise on account 200,000 FOB destination, freight prepaid; terms 2/10, n/60. May 13 Cash sales, 450,000.June 7 Acquired supplies for 48,000.June 10 Acquired furnitures and fixtures for 18,000.June 17Sold merchandise totaling 270,000 to Reid Company FOB destination, freight prepaid; terms 2/10, n/60. Transportation costs amounted to 13,000.June 29Partial collection from June 17 transaction, 170,000.July 2Paid cash on May 5 transaction.July 8 James invested cash of 1,800,000.July 16Paid for advertising for the month of July, 10,000.July 17 Paid miscellaneous expense, 9,000.July 20Received payment, 100,000 balance from Reid Company.July 21 James contributed land for 2,300,000 with 300,000 mortgage to be assumed by the partnership.Aug 21 Cash sales for 50,000.Aug 29 Jack invested cash of 900,000.Sept 5Sold merchandise on account to Paras Company for 300,000 FOB shipping point; terms 2/10, n/30.Sept 10Received returns from Paras Company, 15,000.Sept 12Received payment from the Paras Company less returns and allowances.Sept 22Acquired equipment on account for 700,000.Sept 26Sold merchandise on account, FOB shipping point, freight collect 48,000 terms 2/10, n/30.Oct 8Sold Merchandise on account to Lustre Company, 200,000 FOB destination; terms 2/10, n/30.Oct 11Acquired supplies for 11,000.Oct 14Paid LBC Express 7,000 for freight charges on the sale of Oct 8.Oct 15Received payment on Sept 26 transaction, 48,000.Oct 16Received payment from Lustre Company less discounts.Nov 4Purchased merchandise on account to Gonzales Company 500,000 FOB destination; terms 2/10, n/60.Nov 13Sold merchandise on account to Pressman Company 400,000 FOB shipping point; terms 2/10, n/60.Nov 17Returned merchandise purchased from Gonzales Company on Nov 4, 43,000.Nov 28Cash sales, 70,000.Dec 4Paid Gonzales Company for the merchandise purchase on Nov 4 less returns and allowances.Dec 8Purchased merchandise totaling 170,000 FOB destination, freight prepaid; terms 2/10, n/30.Dec 15Sold merchandise to Enrique Company 250,000 FOB shipping point, freight collect; terms 2/10, n/30.Dec 27Cash sales, 143,000.*James and Jack agreed to divide profits and losses equally (50/50) every quarter.AJE Q1 -Suppplies on hand amounted to 71,000.AJE Q2 - Depreciation on the building, 500,000. Depreciation on furnitures and fixtures 9,750.AJE Q3 - Depreciation on the equipment, 175,000.AJE Q4 - Supplies on hand, 90,000.*(PPE must be depreciated every quarter)*