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On April 1, 2019, Guy Comeau and Amelie Lavol formed a partnership in Ontario, Contribution. Profit sharing Coneau $315,900 cash Lavoi $194,000 land $139,400
On April 1, 2019, Guy Comeau and Amelie Lavol formed a partnership in Ontario, Contribution. Profit sharing Coneau $315,900 cash Lavoi $194,000 land $139,400 building. Cash withdrawal March 20, 2020 $157,900 salary allowance 5% of original capital investments 40% of remaining 5% of original capital investments 60% of remaining $106,200 Net Income during the year was $543,200 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $142.100 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 View transaction list 1 Record the formation of partnership.
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