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| Teaching Since: | May 2017 |
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MCS,PHD
Argosy University/ Phoniex University/
Nov-2005 - Oct-2011
Professor
Phoniex University
Oct-2001 - Nov-2016
Ernie, Ron, and Denis have equity in a partnership of $40,000, $40,000, and $60,000, respectively, and they share income and losses in a ratio of 1:1:3. The partners have agreed to admit Henry to the partnership. Prepare entries in journal form to record the admission of Henry to the partnership under the following conditions:
1. Henry invests $60,000 for a 20 percent interest in the partnership, and a bonus is recorded for the original partners.
2. Henry invests $60,000 for a 40 percent interest in the partnership, and a bonus is recorded for Henry
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