• Record the admission for a 20% interest.

On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario. Comeau Lavoi $295,000 cash $182,000 land $138,000 building Contribution Profit sharing $178,100 salary allowance 5 of original 5 of original capital investments capital investments 40 of remaining 60% of remaining $123,900 Cash withdrawal March 20, 2020 Net Income during the year was $604,800 and was in the Income Summary account. On April 1, 2020 Travis Roberts invested $147,700 and was admitted to the partnership for a 20% interest in equity. Required: 1. Prepare journal entries for the following dates. a. April 1, 2019 Answwor iet complete and correct. No Date General Journal Debit Credit April 01, 2019 295,000 1 Cash Land 182,000 Building Guy Comeau, capital 138,000 295,000 Amelie Lavoi, capital 320,000 b. March 20, 2020 Answer ist cormplete and correct. No Date General Journal Debit Credit Amelie Lavoi, withdrawals 1 Mar 20, 2020 123,900 123,900 Cash -. March 31, 2020 Answer is complete and correct. No Date General Journal Debit Credit Income summary Mar 31, 2020 1 604,800 Guy Comeau, capital 351,230 Amelie Lavoi, capital 253,570 . April 1, 2020 Answer is complete but not entirely correct. Credit No Date General Journal Debit April 01, 2020 Cash 147,700 Amelie Lavoi, capital 2,904 Guy Comeau, capital 1,936( Travis Roberts, capital 174,440