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%)	$	125,000
Phil (20%)		95,000
Ernie (40%)		110,000

Each of the following questions should be viewed independently.

1. If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used.

2. If Sergio invests $140,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used.

3. If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

complete this question by entering your answers in tne taps below. Required A Required B Required If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is record method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the View transaction list Journal entry worksheet 1 Record the admission of new partner under bonus method. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Prey 1 of 4 HE Next > complete this question by entering your answers in the tads delow. Required A Required B Required If Sergio invests $140,000 in cash in the business for a 30 percent interest, what journal entry is recorded? method is used. (If no entry is required for a transaction/event, select "No journal entry required" in the first View transaction list Journal entry worksheet 1 > Record the admission of new partner under bonus method. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal Drau . Mout complete this question by entering your answers in tne taps delow. Required A Required B Required If Sergio invests $150,000 in cash in the business for a 30 percent interest, what journal entry is recor method is used. (If no entry is required for a transaction/event, select "No journal entry required" in th View transaction list Journal entry worksheet 12 Record the entry for goodwill allocation, during the admission of a new partner. Note: Enter debits before credits. General Journal Debit Credit Transaction 1 Record entry Clear entry View general journal