$!$

Required information

The following condensed balance sheet is presented for the partnership of Der, Egan,

and Oprins, who share profits and losses in the ratio of $4$:$3$:$3,$ respectively.

Assume that the partnership decides to admit Snider as a new partner with a $25$

percent interest.

e$.$ Other assets are revalued for an increase of $$20,000,$ and goodwill of $$40,000$ is recognized and

allocated to the original partners at the time of Snider's admission.

COMPLETE THE TWO JOURNAL ENTRIES BASED OFF THE INFORMATION:

$1.$ Record the allocation of goodwill and the revaluation of other assets to the orginal partners and $2.$ Record the admission of Snider into the partnership