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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

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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 (50%) Phil (30%) Ernie (20%) $ 85,000 60,000 55,000 Each of the following questions should be viewed Independently. a. If Sergio Invests $100,000 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 $60,000 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 $72,000 in cash in the business for a 25 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.

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