Question
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) $160,000; Phil (40%)
The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) $160,000; Phil (40%) $130,000; Ernie (10%) $145,000
c. If Sergio invests $150,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used
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Financial Accounting And Reporting
Authors: John McKeith, Bill Collins
2nd Edition
0077138368, 978-0077138363
