On January 1, 2008, Lamb and Mona LLP, with a total capital balance of $200,000 admitted Noris

Question:

On January 1, 2008, Lamb and Mona LLP, with a total capital balance of $200,000 admitted Noris to a 20% interest in net assets for an investment of 100,000 and an income-sharing ratio of Lamb 25%, Mona 75% prior to admission of Noris. After the admission of Noris, the contract included the following provisions: Salary of 90,000 prior to recognition of salary to Noris. Record the journal entry for the admission of Noris. is not to be recorded.
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