4. Moe, Larry and Curly have capital accounts in the partnership of $60,000, $36,000, and...
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4. Moe, Larry and Curly have capital accounts in the partnership of $60,000, $36,000, and $14,000, and share income and losses by 5:4;1. The partnership had agreed to admit Joe as a partner under the following independent assumptions. Prepare journal entries for each.
a) Joe pays Curly $16,000 for 50% of Curly's interest.
b) Joe pays Larry $15,000 for one third of Larry's interest
c) Joe invests $60,000 into business for a 1.3 interest.
d) Joe invests $40,000 into business for a 30% interest.
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