Journalizing the admission of new partner under differ methods.
On February 28, partners' capital balances in the CarmCo partnership are: Alvin, $60,000; Bob $30,000; and Charles $10,000. The income sharing ratio is 2:5:3. Journalize the admission of New under each of the following independent assumptions.
New invests $20,000 for a 30% ownership interest in CarmCo.