Victor Cruz contributed $77,000 in cash and land worth $144,000 to open a new business, VC Consulting, in exchange for common stock. Which of the following general journal entries will VC Consulting make to record this transaction?A. debit cash 77,000; debit land 144,000; common stock 221,000B. debit common stock 122,000; credit assets 221,000C debit common stock 221,000; credit cash 77,000; credit land 144,000D credit cash and land 221,000; common stock 221,000E debit accounts payable 221,000 common stock 221,000

Jacob is a member of wcc (an llc taxed as a partnership). jacob was allocated $155,000 of business income from wcc for the year. jacob’s marginal income tax rate is 37 percent. the business allocation is subject to 2.9 percent of self-employment tax and 0.9 percent additional medicare tax. (round your intermediate calculations to the nearest whole dollar a) what is the amount of tax jacob will owe on the income allocation if the income is not qualified business income? b) what is the amount of tax jacob will owe on the income allocation if the income is qualified business income (qbi) and jacob qualifies for the full qbi duduction?