Daggett, Lamppin, and Pendergast are partners who share profits and losses $50\%,30\%,$ and $20\%,$ respectively. Their

capital balances are $$140,000,$$$80,000,$ and $$55,000,$ respectively.

$($a$)$

Assume Sanford joins the partnership by investing $$135,000$ for a $25\%$ interest with bonuses to the existing

partners.

Prepare the journal entry to record his investment. $($Credit account titles are automatically indented

when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit