Fung, Amlani, and Ironside are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $50,000, respectively. 

Instructions 

a. Assume Garcha joins the partnership by investing $88,000 for a 25% interest with bonuses to the existing partners. Prepare the journal entry to record his investment. 

b. Assume instead that Fung leaves the partnership. Fung is paid $110,000 from the partnership assets with a bonus as the retiring partner. Prepare the journal entry to record Fung’s withdrawal.