A. Determine the recipient(s)

A. Determine the recipient(s) and amount of the partnerbonus.

Recipient(s): Check all that apply.

Jun Ito

Cody Jenkins

Valeria Solano

Amount of the partner bonus: .









C. Why would a bonus be paid in this situation?

1.Jenkins and Ito apparently value the expertise offered bySolano.

2.Jenkins and Ito apparently want to ensure that all assets arevalued appropriately when taking on a new partner.

3.Solano apparently is willing to pay extra for the privilege ofjoining the partnership.

Cody Jenkins and Jun Ito formed a partnership to providelandscaping services. Jenkins and Ito shared profits and lossesequally. After all the tangible assets have been adjusted tocurrent market prices, the capital accounts of Cody Jenkins and JunIto have balances of $72,000 and $38,000, respectively. ValeriaSolano has expertise with using the computer to prepare landscapedesigns, cost estimates, and renderings. Jenkins and Ito deem theseskills useful; thus, Solano is admitted to the partnership at a 30%interest for a purchase price of $30,000. Required: A. Determinethe recipient(s) and amount of the partner bonus. B. On December31, provide the journal entry to admit Solano into the partnership.Refer to the Chart of Accounts for exact wording of account titles.C. Why would a bonus be paid in this situation?


  1. Determine the recipient and amount of the partner bonus.Bonus received by Solano:

Cody Jenkin, Capital $ 72000Jun Ito, Capital                  38000Valeria Solano’sContribution        30000Total Partners’Capital             $140,000Solano’s equity Interest x 30%Salone’s, Capital                   $42000Salone’s Contribution        30000Bonus paid to Lane          $12000(b) Provide journal entry to admit Lane into the partnership.

Account Title





Cody Jenkin Capital


Jun Capital


Salone Capital


(c) Why would a bonus be paid in this situation?

2.Jenkins and Ito apparently want to ensure that all assets arevalued appropriately when taking on a new partner.

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