The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (40) 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. 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 method is used. 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 method is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction General Journal Debit Credit 1 Cash Tiger, capital Phil, capital Emie, capital Sergio, capital 00000 150,000 22,800 17,100 17,100 93,000 Required A Required B > The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (40%) 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. 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 method is used. 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 method is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C If Sergio invests $71,000 in cash in the business for a 20 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.) 1 No Transaction General Journal 1 Cash Tiger, capital Phil, capital Emie, capital Sergio, capital < Required A Required C > Debit Credit 71,000 2,480 1,860 1,860 77,200 The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (40%) 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. 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 method is used. 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 method is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required 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 method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No 1 Transaction 1 Cash Goodwill Tiger, capital Phil, capital Erie, capital Sergio, capital 2 2 Cash General Journal Debit Credit 80,000 5,000 2,000 1,500 1,500 80,000 80,000 points ja 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 method is used. Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required 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 method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Transaction 1 Cash Goodwill Tiger, capital Phil, capital 2 2 Emie, capital Sergio, capital General Journal 000000 Debit Credit 80.000 5.000 2,000 1,500 1,500 80,000 Cash Goodwill Tiger, capital Phil, capital Emie, capital Sergio, capital 000000 80,000 O 5,000* 2,000 1,500 1,500 80,000