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On May 1 , SOSO Company is formed by admitting N. Osvald to the firm as a partner. Instructions Journalize the admission of Osvald under
On May 1 , SOSO Company is formed by admitting N. Osvald to the firm as a partner. Instructions Journalize the admission of Osvald under each of the following independent assumptions: a. Osvald purchases 50% of Sanga's ownership interest by paying Sanga $31,000 cash from personal funds. b. Osvald invests $68,000 cash in the partnership for a 40% ownership interest. c. Osvald invests $41,000 in the partnership for a 20% ownership interest. d. Osvald invests $29,000 in the partnership for a 20% ownership interest
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