The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) Phil (30%) Ernie (30%) $120,000 90,000 105,000 Each of the following questions should be viewed independently a. If Sergio invests $150,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used method is used. method is used b. If Sergio invests $71,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus c. If Sergio invests $80,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill Journal entry worksheet Record the admission of new partner under bonus method. Note: Enter debits before credits. Credit Transaction General Journal Debit Journal entry worksheet Record the admission of new partner under bonus method Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. Transaction General Journal Debit Credit Journal entry worksheet Record the investment made by the new partner in the business. Note: Enter debits before credits. Credit General Journal Debit Transaction