The Distance Plus partnership has the following capital balances at the beginning of the current year:

Tiger (50% of profits and losses) $ 115,000 Phil (30%) 85,000 Ernie (20%) 100,000

Each of the following questions should be viewed independently

b. Sergio invests $90,000 in cash in the business for a 25 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 view general journal Journal Entry Worksheet Record the admission of new partner under bonus method Transaction General Journal Debit Credit Enter debits before credits done clear entry record entry