a. Journalize the entry to record the admission of Rose Clayton, who is to receive a bonus of

$23,000

. If an amount box does not require an entry, leave it blank\ Cash\ Elayne Summers, Capital\ Murv Newcomb, Capital\ Rose Clayton, Capital\ Rose Clayton, Drawing\ Murv Newcomb\ Rose Clayton\ sof each partner after the admission of the new partner?\ Balance\ c. Why are tangible assets adjusted to current market prices prior to admitting a new partner?\ Tangible assets should be adjusted to current market prices so that the new partner being admitted. For example, if the market price of land doubled prior to admitting new partners, any gains or losses from changes in market prices prio land in their capital accounts prior to the new partners' admission. Otherwise, should realize the increase in the value o w would share in the increase in the market value of the land.

Elayne Summers, Capital ef each partner after the admission of the new partner? c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? Tangible assets should be adjusted to current market prices so that the new partner? being admitted. For example, if the market price of land doubled prior to admitting new partners, . land in their capital accounts prior to the new partners' admission. Otherwise, any gains or losses from changes in market prices pric should realize the increase in the value would share in the increase in the market value of the land. Elayne Summers, Capital ef each partner after the admission of the new partner? c. Why are tangible assets adjusted to current market prices prior to admitting a new partner? Tangible assets should be adjusted to current market prices so that the new partner? being admitted. For example, if the market price of land doubled prior to admitting new partners, . land in their capital accounts prior to the new partners' admission. Otherwise, any gains or losses from changes in market prices pric should realize the increase in the value would share in the increase in the market value of the land