On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario.

Net Income during the year was $604,800 and was in the Income Summary account. On April 1, 2020, Travis Roberts invested $147,700 and was admitted to the partnership for a 20% interest in equity.

Record the journal admission of Robets for a 20% interest.

Contribution Profit sharing Cash withdrawal March 20, 2020 Comeau $295,000 cash $178, 100 salary allowance 5% of original capital investments 40% of remaining Lavoi $182,000 land $138,000 building 5% of original capital investments 60% of remaining $123,900