Jordan,Kyle,and Noah Have Equities in a Partnership of $100,000,$160,000,and $140,000,respectively,and

question 67

Essay

Jordan,Kyle,and Noah have equities in a partnership of $100,000,$160,000,and $140,000,respectively,and share income and losses in a ratio of 5:3:2,respectively.The partners have agreed to admit Billy to the partnership.Prepare entries in journal form without explanations to record the admission of Billy to the partnership under each of the following assumptions:
a.Billy invests $80,000 for a 25 percent interest,and a bonus is recorded for Billy.
b.Billy invests $160,000 for a one-fifth interest,and a bonus is recorded for the old partners.

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Definitions:

Endocrine System

A network of glands throughout the body that secretes hormones directly into the bloodstream, regulating vital processes such as growth, metabolism, and reproduction.

Secrete Hormones

The process by which glands or cells release hormones, chemical messengers that regulate various functions in the body, into the bloodstream.

Tissue Fluid

A fluid that surrounds the cells in tissues, providing them with nutrients and removing waste, essentially the extracellular fluid.

Popliteal

Pertaining to the area behind the knee where blood vessels and nerves pass.