Diana de Courcey and Leah Kalleen are partners who share in the partnership's income equally and have

Question:

Diana de Courcey and Leah Kalleen are partners who share in the partnership's income equally and have capital balances of $62,500 and $150,000, respectively. Gary Daniel will receive a one-third equity in the partnership and will share equally with de Courcey and Kalleen in partnership income and losses. What entry is required by the partner- ship if Daniel pays

(a) $80,000?

(b) $120,500?

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...