Business, 20.08.2021 02:50 limelight11

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 (40%) 140,000
Ernie (20%) 155,000
Each of the following questions should be viewed independently.
a. If Sergio invests $210,000 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 $175,000 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 $204,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

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The Distance Plus partnership has the following capital balances at the beginning of the current yea...

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