Kristen Buie CLO HERE TO REVIEW LEARNING OBJECTIVES Assume that Partners A and B each report a Capital Account of $75.000 Partner C wants to join the partnership as an equal one-third partner. Because the partnership has been very profitable, Partners A and 8 require Partner C to contribute $150,000 in cash to the partnership in return for a one-third interest. Assume that Partners A and 8 share profts 60% and 40%, respectiedy prior to the rision of Prner C After admesion of Partner Cerney A and 8 retain their relative proportion of proft allocation after granting Partner Ca 30% profit-alocation interest. Use the Bonus Method to record the journal entry on the books of the partnership to reflect the admission of Partner C journal entry on the books of the partnership to reflect the admission of Partner C CapitalAceaunt Partner C Previous page Next pag9