Perry, Thomas, and Johnson are partners in Thomas and Company. Their capital balancesand profit… 1 answer below »


Perry, Thomas, and Johnson are partners in Thomas and Company. Their capital balancesand profit and loss sharing ratios on June 30, Year 4, are as follows:Perry $216,000 .4Thomas 300,000 .5Johnson 159,000 .1Required:PART AOn July 1, Carnie invests $127,000 for a one-fifth interest in capital. Prepare journalentries for all of the possible methods available to record the admission of Carnie.PART BAssume instead that on July 1, Carnie invests $127,000 for a one-eighth interest in capital.Prepare journal entries for all of the possible methods available to record the admissionof Carnie

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