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The Distance Plus partnership has the following capital balances at the beginning of the current...

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Accounting

The Distance Plus partnership has the following capital balances at the beginning of the current year along with respective profit and loss percentages:
Tiger (40%) $ 155,000
Phil (20%)125,000
Ernie (40%)140,000
Each of the following questions should be viewed independently.
Required:
If Sergio invests $190,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used.
If Sergio invests $170,000 in cash in the business for a 30 percent interest, what journal entry is recorded? Assume that the bonus method is used.
If Sergio invests $110,000 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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