Record the journal entry for admission of the new partner.

Debra and Merina sell electronic equipment and supplies through their partnership.

They wish to expand their computer lines and decide to admit Wayne to the partnership.

Debras capital is $190,000, Merinas capital is $152,000, and they share income in a ratio of 3:2, respectively.

Scenarios a, b, and c are independent cases.

a. Wayne invests $110,000 for a 25 percent interest. Goodwill is to be recorded.

b. Debra and Merina agree that some of the inventory is obsolete. Wayne invests $90,000 for a 25 percent interest.

c. Calculate the amount Wayne needs to invest to give him a one-third interest in the partnerships capital if no goodwill or bonus is recorded.

Record journal entry.