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On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi Contribution $298,000 cash $200,000 land $138,000 building Profit sharing
On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi Contribution $298,000 cash $200,000 land $138,000 building Profit sharing $168,000 salary allowance 5% of original capital investments 5% of original capital investments 40% of remaining 60% of remaining Cash withdrawal March 20, 2020 $118,000 Net Income during the year was $560,000 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $138,000 and was admitted to the partnership for a 20% interest in equity. Required 1. Prepare journal entries for the following dates: a. April 1, 2019 b. March 20, 2020 c. March 31, 2020 d. April 1, 2020 2. Calculate the balance in each partner's capital account immediately after the April 1, 2020, entry
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