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If Sergio invests $108,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is
If Sergio invests $108,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first accoun field.) The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Each of the following questions should be viewed independently. a. If Sergio invests $120,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $90,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $108,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used
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