K. Kolmer, C. Eidman, and C. Ryno share income on a 5:3:2 basis. They have capital balances of $34,000, $26,000, and $21,000, respectively, when Don Jernigan is admitted to the partnership.
Instructions
Prepare the journal entry to record the admission of Don Jernigan under each of the following assumptions.
(a)Purchase of 50% of Kolmer"s equity for $19,000.
(b)Purchase of 50% of Eidman"s equity for $12,000.
(c)Purchase of 33?% of Ryno"s equity for $9,000.
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