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%) $ 60,000 30,000 45,000 Each of the following questions should be viewed independently. a. If Sergio invests $60,000 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 $30,000 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 $40,000 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 If Sergio invests $60,000 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 Credit Debit 60,000 1 1 60,000 21,000 Cash Sergio, capital Sergio, capital Tiger, capital Phil, capital Ernie, capital >>IX 8,400 6,300 6,300 Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required 1 If Sergio invests $30,000 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 30,000 Sergio, capital 30,000 Tiger, capital 1,200 Phil, capital 900 Ernie, capital 900 Sergio, capital 3,000 Answer is not complete. Complete this question by entering your answers in the tabs below. Required a Required B Required If Sergio invests $40,000 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 General Journal Credit Debit 25,000 1 Goodwill Tiger, capital Phil, capital Ernie, capital 10,000 7,500 7,500 2 2 Cash 40,000 Sergio, capital 40,000