Business, 10.04.2020 05:03 lflugo6oyn4sp

Joe Keho and Mike McLain share income on a 6:4 basis. They have capital balances of $90,000 and $70,000, respectively, when Linda Ronstadt is admitted to the partnership. Prepare journal entries to record the admission of Linda Ronstadt under each of the following assumptions:Investment of $100,000 cash for a 25% ownership interest with bonuses to the existing partners.
Investment of $36,000 cash for a 25% ownership with a bonus to the new partner.

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Joe Keho and Mike McLain share income on a 6:4 basis. They have capital balances of $90,000 and $70,...