Deviano, David, and Janets have equity in a partnership of $40,000, $40,000, and $60,000,
respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit
Harold to the partnership. Prepare entries in journal form to record the admission of Harold to the
partnership under the following conditions:
a. Harold invests $60,000 for a 20 percent interest in the partnership, and a bonus is recorded for the
original partners. – 3PTS
b. Harold invests $60,000 for a 40 percent interest in the partnership, and a bonus is recorded for Harold