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What journal entry is recorded

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Problem - The Distance Plus partnership has the following capital balances at the beginning of the current year:

Tiger (40% of profits and losses) $ 155,000

Phil (20%) 125,000

Ernie (40%) 140,000

Each of the following questions should be viewed independently.

a. If Sergio invests $190,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used.

b. If Sergio invests $170,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used.

c. If Sergio invests $110,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

Reference no: EM132009544

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