Solution-Prepare entries in journal form to record the

Prepare entries in journal form to record the admission

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Reference no: EM13513596

Ernie, Ron, and Denis have equity in a partnership of $40,000, $40,000, and $60,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Henry to the partnership. Prepare entries in journal form to record the admission of Henry to the partnership under the following conditions:

1. Henry invests $60,000 for a 20 percent interest in the partnership, and a bonus is recorded for the original partners.

2. Henry invests $60,000 for a 40 percent interest in the partnership, and a bonus is recorded for Henry.

Reference no: EM13513596

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Prepare entries in journal form to record the admission

Reference no: EM13513596

Reference no: EM13513596

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