Amy and Beth's partnership capital balances are $45,000 and $65,000,respectively.They share profits and losses in a ratio of 1:3 for Amy and Beth,respectively.Rockford is admitted to the partnership,invests $55,000 for a 40% interest,and is awarded a bonus.Prepare the journal entry to admit Rockford to the partnership.

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The Answer of Amy and Beth's partnership capital balances are $45,000 and $65,000,respectively.They share profits and losses in a ratio of 1:3 for Amy and Beth,respectively.Rockford is admitted to the partnership,invests $55,000 for a 40% interest,and is awarded a bonus.Prepare the journal entry to admit Rockford to the partnership.

Amy and Beth's Partnership Capital Balances Are $45,000 and $65,000,respectively