Jim Welch and Sam Thayer share partnership income on a 3 2 basis They have capital balances of $560,000 and $280,000, respectively, when Bill Ryan is admitted to the partnership Instructions Prepare the journal entry to record the admission of Ron Ryan under each of the following assumptions (a) Ry...

a Cash 320000 Ryan Capital 290000 Welch Capital 35 30000 18000 Thayer 25 30000 12000 ...

Jim Welch and Sam Thayer share partnership income on a 3:2 basis. They have capital balances of

Question:

Jim Welch and Sam Thayer share income on a 3:2 basis. They have capital balances of $560,000 and $280,000, respectively, when Bill Ryan is admitted to the the journal entry to record the admission of Ron Ryan under each of the following assumptions:
(a) Ryan invests $320,000 for a 25% ownership interest.
(b) Ryan invests $220,000 for a 25% ownership interest.
(c) Ryan invests an amount that gives him a 25% ownership interest.
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...