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)\ Your answer is correct.\ 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\ Daggett, Capital\ Lamppin, Capital

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) Your answer is correct. 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.)