The Distance Plus partnership has the following capital balances at the beginning of the current year:

Tiger (50% of profits and losses) $ 115,000 Phil (30%) 85,000 Ernie (20%) 100,000

Each of the following questions should be viewed independently

c. Sergio invests $105,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (lf no entry is required for a transaction/event, select "No journal entry required" in the first account field.) view transaction list view general journal Journal Entry Worksheet Record the entry for goodwill allocation, during the admission of a new partner Transaction General Journal Debit Credit *Enter debits before credits done clear en record entry