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S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted

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S. Pagan and T. Tabor share income on a 6:4 basis. They have capital balances of $120,000 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) Investment of $90,000 cash for a 30% ownership interest with bonuses to the existing partners. (Credit account titles are outomatically indented when amount is entered. Do not indent manually.) Investment of $48,000 cash for a 30% ownership interest with a bonus to the new partner. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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