A partnership has total equity of $$497,000.$ Partnership equity consists of Green, Capital, $$346,000,$ and Tan, Capital, $$151,000.$ Net income and loss is shared in a ratio of $80\%$ to Green and $20\%$ to Tan. On December $1,$ the partnership accepts Brown as a new partner. Record the entry for Brown's admission under each separate situation.

Record the admission assuming Brown makes an investment of $$129,000$ cash for a $20\%$ interest in equity and a $20\%$ share of any income or loss.

Record the admission assuming Brown makes an investment of $$183,000$ cash for a $20\%$ interest in equity and a $20\%$ share of any income or loss.

Record the admission assuming Brown makes an investment of $$89,500$ cash for a $20\%$ interest in equity and a $20\%$ share in any income or loss

Journal entry worksheet

A

B

C

Record the admission assuming Brown makes an investment of $$129,000$ cash for a $20\%$ interest in equity and a $20\%$ share of any income or loss.

Note: Enter debits before credits.

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