The ABCD Partnership has the following balance sheet at January 1, 2019, prior to the admission of new partner, Eden.

Eden contributes $60,000 into the partnership for a 10% interest. The four original partners share profits and losses equally. Using the bonus method:

A) Prepare the journal entry reflecting the admission of Eden as a partner

B) Determine the balances for each of the five partners after Eden joins the partnership

$ $ Cash and current assets Land Building & equipment 52,000 248,000 253,000 Liabilities Adams, capital Barnes, capital Cordas, capital Davis, capital Total 104,000 42,000 62,000 135,000 210,000 Total 553,000 $ 553,000