Question: please show working notes Hector Enterprises, a partnership owned by Emma Truheart and Teddy Bearheart is interested in bringing on a new partner, Melvin Braveheart.

please show working notes

Hector Enterprises, a partnership owned by Emma Truheart and Teddy Bearheart is interested in bringing on a new partner, Melvin Braveheart. The current partners agree to give Melvin Braveheart a 31% interest in the company, in exchange for a cash investment of $22,200. Any bonus/deficit on admitting Melvin Braveheart will be split by Emma Truheart and Teddy Bearheart in direct ratio to their capital accounts. Additional information: Partner Current Equity Emma Truheart S 56,800 Teddy Bearheart S 23,400 Required: Show the calculations to add Melvin Braveheart to the partnership and the journal entry to record the transaction. (15 marks)

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