Question 3 S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $114,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. (a) Your answer is correct. Investment of $85,000 cash for a 30% ownership interest with bonuses to the existing partners, (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Credit Debit Account Titles and Explanation 85000 Cash 2580 S.Pagan, Capital 1720 T. Tabor, Capital 80700 W. Wolford, Capital (b) Investment of $56,000 cash for a 30% ownership interest with a bonus to the new partner, (Credit account titles are automatically indented when amount is entered. Do n indent manually.) Account Titles and Explanation Debit Credit