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What journal entry is recorded for distance plus

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

Tiger (50% of profits and losses) $ 105,000

Phil (20%) 75,000 Ernie (30%) 90,000

Problem 1: If Sergio invests $70,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

Reference no: EM133006940

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