an invests P160,000 in a partnership for a 1/4 interest. Prior to Cunanan's admission, the partnership had two partners with capital balances of P190,000 each. If no asset revaluation is recognized prior to Cunanan's admission, what amount is credited to his capital accoun

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After the tangible assets have been adjusted to current market prices, the capital accounts of Grayson Jackson and Harry Barge have balances of $64,900 and $86,500, respectively. Lewan Gorman is to be admitted to the partnership, contributing $43,300 cash to the partnership, for which he is to receive an ownership equity of $50,500. All partners share equally in income. a.  Journalize the entry to record the admission of Gorman, who is to receive a bonus of $7,200. If an amount box does not require an entry, leave it blank.   Cash        Grayson Jackson, Capital        Harry Barge, Capital        Lewan Gorman, Capital      b.  What are the capital balances of each partner after the admission of the new partner? Partner Balance Grayson Jackson $ Harry Barge $ Lewan Gorman $

Anthony is investing in a partnership with Joseph. Anthony contributes equipment that originally cost $43000, has a book value of $20900, and a fair value of $25400. The entry that the partnership makes to record Anthony's initial contribution includes a O debit to Equipment for $22100. ○ credit to Accumulated Depreciation for $22100. O debit to Equipment for $43000. O debit to Equipment for $25400.