E12-6 Joe Keho and Mike McLain share income on a 4:2 basis, respectively. They have capital Record admission of F balanc

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E12 6 Joe Keho And Mike Mclain Share Income On A 4 2 Basis Respectively They Have Capital Record Admission Of F Balanc 1 (18.75 KiB) Viewed 45 times

E12-6 Joe Keho and Mike McLain share income on a 4:2 basis, respectively. They have capital Record admission of F balances of $90,000 and $70,000, respectively, when Ed Kehler is admitted to the partnership on 1804) AP January 1 of the current year. Instructions Prepare the journal entry to record the admission of Kehler on January 1 under each of the following independent assumptions: (a) Kehler invests $75,000 cash for a 25% ownership interest (b) Kehler invests $45,000 cash for a 25% ownership interest.