Sandhill Oil Imports is a partnership owned by Magda Anderson and Giannis White. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $98,000 and $58,800, respectively. On that day. Magda and Giannis agree to admit lona Martin to the partnership in exchange for an investment of cash into the partnership. (a) Prepare the journal entry to record the admission of Martin on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Martin invests $49,000 cash for a 30% ownership interest. This is an investment of assets. 2 Martin invests $88,200 cash for a 30% ownership interest. This is an investment of assets. 1.
Sandhill Oil Imports is a partnership owned by Magda Anderson and Giannis White. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $98,000 and $58,800, respectively. On that day. Magda and Giannis agree to admit lona Martin to the partnership in exchange for an investment of cash into the partnership. (a) Prepare the journal entry to record the admission of Martin on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts) Martin invests $49,000 cash for a 30% ownership interest. This is an investment of assets. 2 Martin invests $88,200 cash for a 30% ownership interest. This is an investment of assets. 1.
Chapter21: Partnerships
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:Sandhill Oil Imports is a partnership owned by Magda Anderson and Giannis White. The partners share profit on a 3:2 basis,
respectively. On January 1, 2024, they have capital balances of $98,000 and $58,800, respectively. On that day. Magda and Giannis
agree to admit lona Martin to the partnership in exchange for an investment of cash into the partnership.
(a)
Prepare the journal entry to record the admission of Martin on January 1 under each of the following independent assumptions:
(Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate
calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the
amounts)
2
Martin invests $49,000 cash for a 30% ownership interest. This is an investment of assets.
Martin invests $88,200 cash for a 30% ownership interest. This is an investment of assets.
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