Sheridan Oil Imports is a partnership owned by Magda Wilson and Giannis Taylor. The partners...
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Sheridan Oil Imports is a partnership owned by Magda Wilson and Giannis Taylor. The partners share profit on a 3:2 basis, respectively, On January 1,2024, they have capital balances of $92,000 and $55,200, respectively. On that day, Magda and Giannis agree to admit lona King to the partnership in exchange for an investment of cash into the partnership. Prepare the joumal entry to record the admission of King on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually, Do not round omy intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the occount titles and enter O For the amounts: 1. King invests $46,000 cash for a 30% ownership interest. This is an imvestment of assets: 2. King invests $82,800 cash for a 30% ownership interest. This is an investment of assets
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