4 Dissolution: Admission of a new partner (Bonus Method) The partners of the HH and JR partnership agree to admit a new partner LV into the partnership. Below is the information about the partnership at the time of LV's admission JR 200,540 Capital balance 145,460 40% 60% Profit /loss sharing ratio (3:2) for a 10% interest in the partnership. Make the a) LV purchases 10% of the business interest (assignment of interest) for $50,000 directly from HH and JR and the bonus method is used. Prepare the journal entry to record the sale b) LV purchases 10% of the business interest (assignment of interest) for $50,000 directly from the partnership under the bonus method The Partnership is giving a bonus to the new partner so LV gets15% ofthe partnership-for$50,000 d) Assume HH decides to sell all of his Partnership interest directly to LV for $350,000. Prepare the journal entry to record this sale