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Prepare journal entries to admit stanley to the partnership

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Question - Cornell and Roberts are partners who agree to admit Stanley to their partnership. Cornell has capital balance of $80,000 and Roberts has a capital balance of $120,000. Cornell and Roberts share net income in the ration of 7:3 respectively. Prepare journal entries to admit Stanley to the partnership based on the following independent agreements. Round all amounts to the nearest dollar.

1) Stanley invests $150,000 cash into the partnership for a 20% interest.

2) Stanley invests $150,000 cash into partnership for a 45% interest.

3) Stanley purchases one-quarter of Cornell's capital for $35,000.

Reference no: EM132288867

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