Partner Admission: Investment of New Capital

The capital balances for the partnership of Liang, Tan, and Wu are as follows:

The partnership profit$-$sharing ratio is $2$:$5$:$3.$ A new partner, Gao, enters the partnership by investing cash directly in the partnership.

Required

Prepare the journal entry to record Gao's admission to the partnership, in each of the following cases.

a$.$ Gao invests $$46,500$ for a $10$ percent interest in the partnership.

b$.$ Gao invests $$40,000$ for a $10$ percent interest in the partnership. The bonus method is used.

c$.$ Gao invests $$50,000$ for a $10$ percent interest in the partnership. The goodwill method is used, and any revaluation is attributed to goodwill. Partner Admission: Investment of New Capital

The capital balances for the partnership of Liang, Tan, and Wu are as follows:

The partnership profit$-$sharing ratio is $2$:$5$:$3.$ A new partner, Gao, enters the partnership by investing cash directly in the partnership.

Required

Prepare the journal entry to record Gao's admission to the partnership, in each of the following cases.

a$.$ Gao invests $$46,500$ for a $10$ percent interest in the partnership.

b$.$ Gao invests $$40,000$ for a $10$ percent interest in the partnership. The bonus method is used.

c$.$ Gao invests $$50,000$ for a $10$ percent interest in the partnership. The goodwill method is used, and any revaluation is attributed to goodwill.