Question: On April 21 2014 Wilson agrees to invest 30 000 into
On April 21, 2014, Wilson agrees to invest $30,000 into a partnership for a 20% interest in total partnership equity. At the time Wilson is admitted, the existing partners, Beacon and Metcalf, each have a $30,000 capital balance. Prepare the entry on April 21 to record Wilson’s admission to the partnership. Any bonus is to be shared equally by Beacon and Metcalf.
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