The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (40% of profits and losses) $ 140,000 Phil (40%) 110,000 Ernie (20%) 125,000

a. If Sergio invests $180,000 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.) Journal entry Worksheet: Record the admission of new partner under bonus method.

b. 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal Entry Worksheet: Record the admission of new partner under bonus method.

c. If Sergio invests $130,000 in cash in the business for a 25 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.) Journal Entry Worksheet : Record the entry for goodwill allocation, during the admission of a new partner. Journal Entry worksheet: Record the investment made by the new partner in the business.