(Answered) Question - the distance plus partnership has the following

Accounting

Question - The Distance Plus Partnership has the following capital balances at the beginning of the current year:

Tiger (40% of profits and losses) $90,000

Phil (30%) $60,000

Ernie (30%) $75,000

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

b. If sergio invests in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used.

c. If Sergio invests $60,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used.

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