Business, 21.02.2020 20:51, 133596

Kala and leah partners in best designs have capital balances of $40,000 and $60,000 respectively. adam joins the partnership by buying one-half of kala's interest for $30,000. in addition, because of adam's outstanding sales skills, the partners agree to increase his interest to 40% if he invests another $10,000. the income-sharing ratio for kala, leah, and adam is 4:3:1. a) journalize the entries to record the admission of adam to the partnership. b) immediately after adam's admission to the partnership, leah sells one-fourth of her interest to denton for $35,000. journalize the entry to record the transaction.

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Kala and leah partners in best designs have capital balances of $40,000 and $60,000 respectively. ad...