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need a help with thie one Cullumber Oil Imports is a partnership owned by Magda Martin and Giannis Clark The partners share profit on a
need a help with thie one Cullumber Oil Imports is a partnership owned by Magda Martin and Giannis Clark The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $108,000 and $64,800, respectively. On that day. Magda and Giannis agree to admit lona Lewi to the partnership in exchange for an investment of cash into the partnership. (a) Prepare the journal entry to record the admission of Lewi on January 1 under each of the following independent assumptions: (Credit occount titles are automatically indented when the amount is entered. Do not indent manually. Do not round amy intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Lewi invests $54,000 cash for a 30% ownership interest. This is an investment of assets. 2. Lewi invests $97,200 cash for a 30% ownership interest. This is an investment of assets. tat (b1) The parts of this question must be completed in order. This part will be available when you complete the part above. (b2) The parts of this question must be completed in order. This part will be available when you complete the part above. Save for Later Attempts: 0 of 1 used
need a help with thie one
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