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Problem 14-18 (LO 14.9) The Distance Plus partnership has the following capital balances at the...

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Problem 14-18 (LO 14.9) The Distance Plus partnership has the following capital balances at the beginning of the current year: Tiger (50% of profits and losses) Phil (20%) Ernie (30%) $ 75,000 45,000 60,000 Each of the following questions should be viewed independently. a. If Sergio invests $60,000 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 $40,000 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 $50,000 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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