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On April 21, 2020, Wilson agrees to invest $30,000 into Quest, a land development partnership in Niagara-on- the-Lake, for a 20% interest in total partnership
On April 21, 2020, Wilson agrees to invest $30,000 into Quest, a land development partnership in Niagara-on- the-Lake, for a 20% interest in total partnership equity. At the time Wilson is admitted, the existing partners, Beacon and Metcalf, each have a $30,000 capital balance. Prepare the entry on April 21 to record Wilsons ad- mission to the partnership. Any bonus is to be shared equally by Beacon and Metcalf.
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