Carl and Dana have a partnership with current capital balances of $100,000 and $80,000 respectively, and they share profits in a 50:50 ratio. Car and Dana decided to admit Angela to the partnership, after which the partners agree to share profits 40% to Carl, 40% to Dana, and 20% to Angela. Prepare the necessary Journal entries to admit Angela in each of the following independent conditions. If the information is such that both the bonus and goodwill methods are appropriate, record the admission using both methods unless said otherwise. You need to show all your work for full credits. a) Angela Invests $80,000 in cash and receives a one-fourth capital interest. Journal Entries for Bonus Method Show your work here (below) b) Angela agrees to invest $100,000 cash for a one-half capital Interest. Use Bonus Method Show your work here (below) Journal Entries Jouran Entries for Goodwill Method c) Angela agreesto invest $100,000 cash for a one-halfcapital interest. The partners agreed to revalue assets Show your work here (below) Journal Entries
