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S. Pagan and T. Tabor share income on a 7 : 3 basis. They have...

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Accounting

S. Pagan and T. Tabor share income on a 7 : 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions.

Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners.

Investment of $49,000 cash for a 30% ownership interest with a bonus to the new partner.

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