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Mr. Sanchez, Mr. Gonzalez, and Mr. Perez share income in their partnership on a 5:3:2 basis. They have capital balances of $34,000, $26,000, and $21,000,
Mr. Sanchez, Mr. Gonzalez, and Mr. Perez share income in their partnership on a 5:3:2 basis. They have capital balances of $34,000, $26,000, and $21,000, respectively. Mr. Navarro is admitted as a fourth partner in the partnership. Prepare the journal entry to record the admission of the new partner, Mr. Navarro, under each of the following three scenarios:
- (a) Purchase of 50% of Sanchezs equity for $19,000.
- (b) Purchase of 50% of Gonzalezs equity for $12,000.
- (c) Purchase of 33 1/3% of Perezs equity for $9,000.
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