On April 1, 2019, Guy Comeau and Amelie Lavoi formed a partnership in Ontario.

Net Income during the year was $604,800 and was in the Income Summary account. On April 1, 2020, Travis Roberts invested $147,700 and was admitted to the partnership for a 20% interest in equity.

Record the journal admission of Robets for a 20% interest.

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Contribution Profit sharing Cash withdrawal March 20, 2020 Comeau $295,000 cash $178, 100 salary allowance 5% of original capital investments 40% of remaining Lavoi $182,000 land $138,000 building 5% of original capital investments 60% of remaining $123,900 Contribution Profit sharing Cash withdrawal March 20, 2020 Comeau $295,000 cash $178, 100 salary allowance 5% of original capital investments 40% of remaining Lavoi $182,000 land $138,000 building 5% of original capital investments 60% of remaining $123,900

Answer rating: 100% (QA)

The journal entry to record Travis Roberts admission to the partnership for a 20 interest in equity on April 1 2020 would be Cash Travis Roberts inves... View the full answer