Question
Current Attempt in Progress 40 Crane Oil Imports is a partnership owned by Magda William and Giannis Brown. The partners share profit on a 3:2
Current Attempt in Progress 40 Crane Oil Imports is a partnership owned by Magda William and Giannis Brown. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $82,000 and $49,200, respectively. On that day, Magda and Giannis agree to admit lona Miller to the partnership in exchange for an investment of cash into the partnership. 13 Prepare the journal entry to record the admission of Miller on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) 1. Miller invests $41,000 cash for a 30% ownership interest. This is an investment of assets. 2. Miller invests $73,800 cash for a 30% ownership interest. This is an investment of assets.. Credit Prt sc 20C C
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