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Joe Keho and Mike McLain share income on a 6:4 basis, respectively. They have capital balances of $90,000 and $70,000, respectively, when Ed Kehler is

image text in transcribed Joe Keho and Mike McLain share income on a 6:4 basis, respectively. They have capital balances of $90,000 and $70,000, respectively, when Ed Kehler is admitted to the partnership on January 1, 2022. Instructions: Prepare the journal entry to record the admission of Ed Kehler on January 1 under each of the following assumptions (k sure to complete the calculation area on the worksheet as wellI): a) Kehler invests $100,000 cash for a 25% ownership interest, with bonuses to the existing partners. b) Kehler invests $36,000 for a 25% ownership interest, with a bonus to the new partner

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