Question: Need help woth partnership changes Porter and Abbot are partners in the PA Partnership. Porter has a capital balance of $70,000 and Abbot has a

Need help woth partnership changes

Porter and Abbot are partners in the PA Partnership. Porter has a capital balance of $70,000 and Abbot has a capital balance of $70,000. Porter and Abbot split profits as follows: 60% to Porter and 40% to Abbot. A new partner, Roland, enters the partnership with an investment of $50,000 for a 30% interest in the partnership. 1. What is the new capital total for the partnership? 2. What amount of capital will Roland receive? Grade 190,0001 57,000 3. What is the amount of the bonus? 0 4. Show the journal entry to admit Roland. JOURNAL CASH DEBIT CREDIT 1 PORTER CAPITAL 3 ABBOT CAPITAL 4 ROLAND CAPITAL

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