Business, 13.05.2021 21:30 kekoanabor19

On January 1, 2019 John and Jane decide to admit a new partner, Tom, for a 1/6 interest in the firm for $175,000. The bonus method is used to record the admission of the new partner. After admitting the new partner, the partnership agreement is amended as follows: Each partner receives 10% interest on his beginning capital balance. Each partner receives an annual salary of $20,000. The residual profit or loss is divided in a ratio of 30% to John, 50% to Jane, and 20% to Tom. Record the journal entry to admission of Tom to the partnership.

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On January 1, 2019 John and Jane decide to admit a new partner, Tom, for a 1/6 interest in the firm...

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