Reference no: EM131213405
The Distance Plus Partnership has the following capital balances at the beginning of the current year
Tiger (40% of profits and losses) $80,000
Phil (40%) 50,000
Ernie 20%) 65,000
Each of the following questions should be answered independently
a. If Sergio invests $100,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used. (if no enty is required for a transaction/event, select " no journal entry is requiredin the first account field).
b. If Sergio invests $75,000 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)
c. If Sergio invests $90,000 in cash in the business for a 30 percent interest, what ournal entry is recorded? Assume that the goodwill method is used. (if no journal entry is required for a transaction/event, select no jnournal entryrequiredin the first account field)
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