On January 1, 2019, ABCD admitted a new partner, E.  The firm was renamed ABCDE LLP.  Partner E contributed $100,000 cash for a 25% share in capital and profits.  Partner E was admitted to the firm using the bonus method.  However, partner E did not contribute any intangible assets, exceptional business acumen, or an existing clientele. 

Prepare the journal entry to admit E to the partnership.

Answer rating: 100% (QA)

Heres the journal entry to admit Partner E to the partnership ... View the full answer