Business, 23.11.2021 20:20, silentlotusalex6284
Joey and Legoria have capital balances of $50,000 and $30,000 and share income in a ratio of 3:2, respectively. Record the admission of Peter Parker for each of the following six independent situations:
a. Peter Parker invests the amount required for a 20% interest if no goodwill or bonus is recorded.
b. Peter Parker purchases a 30% interest by paying Joey $22,000 and Legoria $14,000.
c. Peter Parker invests $25,000 for a 20% interest and goodwill is recorded.
d. Peter Parker invests $18,000 for a 20% interest because inventory is overvalued.
e. Peter Parker invests $18,000 for a 20% interest and goodwill is recorded.
Answers: 2
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Joey and Legoria have capital balances of $50,000 and $30,000 and share income in a ratio of 3:2, re...
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