Problem 14-18 (LO 14-9) The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) Phil (20%) Ernie (30%) $105,000 75,000 90,000 Each of the following questions should be viewed independently a. If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. method is used. method is used. b. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus c. If Sergio invests $70,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $100,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Record the admission of new partner under method 1 Required A Required B Required C If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C If Sergio invests $70,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 2 Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 1 Record the entry for goodwill allocation, during the admission of a new partner 2 Record the investment made by the new partner in the business