5. S, T, and U have equities in a partnership of $50,000, $80,000, and $70,000, respectively, and share income and losses in a ratio of 5:3:2, respectively. The partners have agreed to admit W to the partnership. Prepare entries in journal form without explanations to record the admission of W to the partnership under each of the following assumptions: a. W invests $40,000 for a 25 percent interest, and a bonus is recorded for W. b. W invests $80,000 for a one-fifth interest, and a bonus is recorded for the old partners.

5. S,T, and U have equities in a partnership of $50,000,$80,000, and $70,000, respectively, and share income and losses in a ratio of 5:3:2, respectively. The partners have agreed to admit W to the partnership. Prepare entries in journal form without explanations to record the admission of W to the partnership under each of the following assumptions: a. W invests $40,000 for a 25 percent interest, and a bonus is recorded for W. b. W invests $80,000 for a one-fifth interest, and a bonus is recorded for the old partners