Question
The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%)
The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages:
| Tiger (50%) | $ | 175,000 |
| Phil (30%) | 145,000 | |
| Ernie (20%) | 160,000 | |
Please prepare journal entries:
Each of the following questions should be viewed independently
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If Sergio invests $190,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.
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If Sergio invests $150,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.
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If Sergio invests $170,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used.
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Securing An IT Organization Through Governance Risk Management And Audit Internal Audit And IT Audit
Authors: Ken E. Sigler, III Rainey
1st Edition
0367658658, 978-0367658656
