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The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (

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%) $ 180,000
Phil (30%)150,000
Ernie (30%)165,000
Each of the following questions should be viewed independently.
If Sergio invests $190,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used.
If Sergio invests $120,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used.
If Sergio invests $130,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

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