The Spring 20 Partnership has the following balance sheet at January 1, 2020, prior to the admission of new partner, Vino.

Cash & Current Assets: $50,000

Land: $234,000

Building & Equipment: $130,000

Liabilities: $52,000

Adams, capital: $37,000

Barnes, capital: $52,000

Cordas, capital: $117,000

Davis, capital: $156,000

Vino contributes $75,000 into the partnership for a 25% interest. The four original partners share profits and losses equally. Using the bonus method, prepare the journal entry to record the admission of Vino.

For each Debit line, start with DR

For each Credit line, start with CR