The Distance Plus partnership has the following capital balances at the beginning of the current year:
| Tiger (50% of profits and losses) | 85,000 |
| Phil (30%) | 60,000 |
| Ernie (20%) | 55,000 |
| 200,000 |
Each of the following questions ashould be viewed independently.
a. If Sergio invest $100,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.
b. If Sergio invests $60,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the bonus method is used.
c. If Sergio invests $72,000 in cash in the business for a 25 percent interest, what journal entry is recorded? Assume that the goodwill method is used.
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