Question

Gunnar & Dietar Consulting showed the following partners’ equity at August 31, 2014:
Gunnar Schwiede, Capital................................................................................... $ 50,000
Dietar Loris, Capital ............................................................................................. 195,000

Gunnar and Dietar share net incomes and losses in a 2:3 ratio respectively. On September 1, 2014, Wil Court is admitted to the partnership with a cash investment of $105,000.

Required
Prepare the journal entry to record the admission of Wil under each of the following unrelated assumptions, where he is given:
a. A 30% interest in equity
b. A 20% interest in equity
c. A 50% interest in equity



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  • CreatedJanuary 08, 2015
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