The Forever partnership has the following capital balances at the beginning of the current year:...
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Accounting
The Forever partnership has the following capital balances at the beginning of the current year: Each of the following questions should be viewed independently. a. If Arthur invests $90,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the goodwill method is used. b. If Arthur invests $90,000 in cash in the business for a 20 percent interest, what journal entry is recorded? Assume that the bonus method is used. c. If Arthur 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
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