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Tamer, Lune and Nazra have a partnership. Their capital balances are $180,000, $260,000 and $300,000, respectively. They share profits and losses 25%, 35% and 40%,

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Tamer, Lune and Nazra have a partnership. Their capital balances are $180,000, $260,000 and $300,000, respectively. They share profits and losses 25%, 35% and 40%, respectively. Rana wants to become a partner with a 10 percent share in partnership capital with a $120,000 cash contribution to the partnership. The fair market value for the partner is equal to book values Required: 1- Calculate Tamer, Lune and Nazra and Rana ending capital balances under the Bonus Method and Goodwill Method. 2- Journalize the required entries under both methods

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