The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) Phil (40%) Ernie (10%) $ 70,000 40,000 55,000 Each of the following questions should be viewed independently. a. If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio invests $50,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C If Sergio invests $50,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal Required A Required B Required C If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal