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 (20%) Ernie (40%) $ 155,00 125,000 140, see Each of the following questions should be viewed Independently. a. If Sergio Invests $190,000 in cash in the business for a 30 percent Interest, what journal entry is recorded? Assume that the bonus method is used. b. If Sergio Invests $170,000 in cash in the business for a 30 percent Interest, what Journal entry is recorded? Assume that the bonus method is used. c. If Sergio Invests $110,000 in cash in the business for a 20 percent Interest, what journal entry is recorded? Assume that the goodwill method is used. Required A Required B Required If Sergio invests $190,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 Record the admission of new partner under bonus method. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Required A Required B Required If Sergio invests $170,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the admission of new partner under bonus method. Note: Enter debits before credits Transaction General Journal Debit Credit Required A Required B Required If Sergio invests $110,000 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.) View transaction list Journal entry worksheet Record the investment made by the new partner in the business. Note: Enter debits before credits. General Journal Debit Credit Transaction 2 |