The capital balances for the partnership of Liang, Tan, and Wu are as follows: Capital-Liang $50,000...

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The capital balances for the partnership of Liang, Tan, and Wu are as follows: Capital-Liang $50,000 Capital-Tan 250,000 Capital-Wu 140,000 The partnership profit-sharing ratio is 1:6:3. A new partner, Gao, enters the partnership by investing cash directly in the partnership. Required Prepare the journal entry to record Gao's admission to the partnership, in each of the following cases. a. Gao invests $60,000 for a 12 percent interest in the partnership. Description Debit Credit Cash 60,000 Capital-Gao + 60,000 b. Gao invests $50,000 for a 12 percent interest in the partnership. The bonus method is used. Description Credit Debit Capital-Liang Capital-Tan Capital-Wu c. Gao invests $72,000 for a 12 percent interest in the partnership. The goodwill method is used, and any revaluation is attributed to goodwill. Description Debit Credit The capital balances for the partnership of Liang, Tan, and Wu are as follows: Capital-Liang $50,000 Capital-Tan 250,000 Capital-Wu 140,000 The partnership profit-sharing ratio is 1:6:3. A new partner, Gao, enters the partnership by investing cash directly in the partnership. Required Prepare the journal entry to record Gao's admission to the partnership, in each of the following cases. a. Gao invests $60,000 for a 12 percent interest in the partnership. Description Debit Credit Cash 60,000 Capital-Gao + 60,000 b. Gao invests $50,000 for a 12 percent interest in the partnership. The bonus method is used. Description Credit Debit Capital-Liang Capital-Tan Capital-Wu c. Gao invests $72,000 for a 12 percent interest in the partnership. The goodwill method is used, and any revaluation is attributed to goodwill. Description Debit Credit