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 (308) $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.) 1 No Transaction 1 Cash Goodwill Tiger, capital Phil, capital Ernie, capital Sergio, capital 2 2 Cash General Journal ** Debit 80,000x Credit 5,000 2,000 1,500 1,500x 80,000 80,000 Prev 1 of 5 Next >