(Answered) 1 after the tangible assets have been adjusted to current

Accounting

1. After the tangible assets have been adjusted to current market prices, the capital accounts of Travis Harris and Keelyn Kidd have balances of $60,000 and $90,000, respectively. Felix Flores is to be admitted to the partnership, contributing $45,000 cash to the partnership, for which he is to receive ownership equity of $60,000. All partners share equally in income.

(a) Journalize the entry to record the admission of Flores, who is to receive a bonus of $15,000.

(b) What are the capital balances of each partner after the admission of the new partner?

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