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What are the capital balances of each partner

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Reference no: EM131125817

1. After the tangible assets have been adjusted to current market prices, the capital accounts of Travis Harris and Keelyn Kidd have balances of $60,000 and $90,000, respectively. Felix Flores is to be admitted to the partnership, contributing $45,000 cash to the partnership, for which he is to receive ownership equity of $60,000. All partners share equally in income.

(a) Journalize the entry to record the admission of Flores, who is to receive a bonus of $15,000.

(b) What are the capital balances of each partner after the admission of the new partner? 

Reference no: EM131125817

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