Amy and Beth's partnership capital balances are $40,000 and $60,000,respectively.They share profits and losses in a ratio of 1:3.Rockford is admitted to the partnership,invests $60,000 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 $40,000 and $60,000,respectively.They share profits and losses in a ratio of 1:3.Rockford is admitted to the partnership,invests $60,000 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 $40,000 and $60,000,respectively