Robin, Cardinal, Jay are partners shaing profits and losses 30/30/40 respectively
Their capital balances are:
Robin	175,000
Cardinal	300,000
Jay	275,000
	750,000
The old and partners agree that assets are undervalued by $100,000.
A. Assume Sparrow invests in the partnership $250,000, and partners agree thereafter to share profits and losses equally.
Record the entry of Sparrow using the bonus method whereby Sparrow receives 20% interest in the firm.
B. Assume instead, Sparrow puts into the partnership $350,000 of cash and is awarded a 50% interest.
Record the entry of Sparrow using the goodwill method.
C. In the first year after Sparrow's entrance under the conditions outlined in 'c' above, an agreement was made
amending the sharing of profits and losses, whereby Jay gets a salary of $40,000, and each partner receives 10% interest on their
beginning capital balances with the remainder shared equally. Unfortunately, the amendment was never written down and the partners
are in dispute over this arrangement. The partnership lost $400,000.
PART C: Prepare a schedule showing how the loss will be shared.