* 2! be XX CcDdEe - A CcDdEe :DdEe cDdEe DdEe CcD 1 No Spaci... Heading 1 Heading 2 Title Sub 1 Normal Font Paragraph Styles 3 16 Question 2: Recording new partner investment-various situations (LO#6) (5 marks) The capital accounts of the Ann, Bob, and Carrie partnership at December 31, 2017, together with profit and loss sharing ratios, are as follows: Ann: (25%) $ 75,000 Bob: (25%) 100,000 Carrie: (50%) 125,000 The partners agree to admit Darling into the partnership. Required: Prepare the journal entry or entries to admit Darling into the partnership and calculate the partners' capital balances immediately after his admission under each of the following independent assumptions: 1. Carrie sells half of her interest to Darling for $90.000, and the partners agree to admit Darling into the partnership. Styles 3 H4 6 Ann: Bob: Carrie: (25%) (25%) (50%) $ 75,000 100,000 125,000 The partners agree to admit Darling into the partnership. Required: Prepare the joumal entry or entries to admit Darling into the partnership and calculate the partners' capital balances immediately after his admission under each of the following independent assumptions: 1. Carrie sells half of her interest to Darling for $90,000, and the partners agree to admit Darling into the partnership. 2. Darling invests $75,000 cash in the partnership for a 25% interest in the partnership capital and profits, and partnership assets are revalued. 3. Darling invests $80.000 cash in the partnership for a 20% interest in the capital and profits, and partnership assets are revalued. 4. Darling invests $90,000 cash in the partnership for a 30% interest in the capital and profits, and partnership assets are not revalued. U.S.) * 2! be XX CcDdEe - A CcDdEe :DdEe cDdEe DdEe CcD 1 No Spaci... Heading 1 Heading 2 Title Sub 1 Normal Font Paragraph Styles 3 16 Question 2: Recording new partner investment-various situations (LO#6) (5 marks) The capital accounts of the Ann, Bob, and Carrie partnership at December 31, 2017, together with profit and loss sharing ratios, are as follows: Ann: (25%) $ 75,000 Bob: (25%) 100,000 Carrie: (50%) 125,000 The partners agree to admit Darling into the partnership. Required: Prepare the journal entry or entries to admit Darling into the partnership and calculate the partners' capital balances immediately after his admission under each of the following independent assumptions: 1. Carrie sells half of her interest to Darling for $90.000, and the partners agree to admit Darling into the partnership. Styles 3 H4 6 Ann: Bob: Carrie: (25%) (25%) (50%) $ 75,000 100,000 125,000 The partners agree to admit Darling into the partnership. Required: Prepare the joumal entry or entries to admit Darling into the partnership and calculate the partners' capital balances immediately after his admission under each of the following independent assumptions: 1. Carrie sells half of her interest to Darling for $90,000, and the partners agree to admit Darling into the partnership. 2. Darling invests $75,000 cash in the partnership for a 25% interest in the partnership capital and profits, and partnership assets are revalued. 3. Darling invests $80.000 cash in the partnership for a 20% interest in the capital and profits, and partnership assets are revalued. 4. Darling invests $90,000 cash in the partnership for a 30% interest in the capital and profits, and partnership assets are not revalued. U.S.)