The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages: Tiger (50%) Phil (20%) Ernie (30%) $ 105,000 75,000 90,000 Each of the following questions should be viewed Independently. a. If Sergio Invests $100,000 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 $60,000 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 $70,000 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 $70,000 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.) 1 No Transaction 1 Cash Goodwill Tiger, capital Phil, capital Ernie, capital Sergio, capital 2 2 Cash Sergio, capital General Journal Debit Credit 70,000 x 10,000 5,000 2,000 * 3,000 70,000 70,000 70,000