On June 17, 2014, Bishop agrees to invest $30,000 into

On June 17, 2014, Bishop agrees to invest $30,000 into a partnership for a 40% interest in total partnership equity. At the time Bishop is admitted, the existing partners, Pollard and Mission, each have a $30,000 capital balance. Prepare the entry on June 17 to record Bishop’s admission to the partnership. Any bonus is to be shared equally by Pollard and Mission.

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