ASAP!

PROBLEM 1

On January 1, 2021, Lamb and Mona LLP admitted Norris to a 20% interest for an investment of $50,000 cash. Prior to the admission of the new partner, Lamb and Mona had capital balances of $50,000 and $150,000, respectively, and an income-sharing ratio of Lamb 25%, Mona 75%.

A) Assuming the goodwill method is used, give the journal entry to record the admission of Norris.??

B) Answer question 5 assuming that Norris is admitted to a 20% interest for an investment of $30,000 cash paid to the partnership. Assume the goodwill method is used.??