S, T, and U have equities in a partnership of $50,000, $80,000, and
S, T, and U have equities in a partnership of $50,000, $80,000, and $70,000, respectively, and share income and losses in a ratio of 5:3:2, respectively. The partners have agreed to admit W to the partnership. Prepare entries in journal form without explanations to record the admission of W to the partnership under each of the following assumptions:
a. W invests $40,000 for a 25 percent interest, and a bonus is recorded for W.
b. W invests $80,000 for a one-fifth interest, and a bonus is recorded for the old partners.
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