Good, Hood, and Food are partners, sharing profits equally. They decide to admit Mood for an equal partnership (25%). The balances of the partners capital accounts are: Good, capital $30,000 Hood, capital $26,000

Food, capital $19,000 Required: Prepare journal entries to record admission of Mood, using the bonus method: 1. assuming the bonus is paid to the new partner; Mood invests $15,000 cash; 2. assuming the bonus is paid to existing partners; Mood invests $45,000 cash; the remaining partners benefit equally from the bonus.