Davis in North, partners in an advertising business, share profit and losses in the ratio of 7 to 4, respectively. Prior to record in the omission of Martin as a new partner, D

Davis in North, partners in an advertising business, share profit and losses in the ratio of 7 to 4, respectively. Prior to record in the omission of Martin as a new partner, Davis has a capital balance of 80,000, and north has a capital balance of 100,000. . For each of the following independent cases, prepare the journal entry that was made to record the omission of Martin into the p1. Davis invested $50,000 cash in the partnership for 20% interest. The goodwill/reevaluation method is used in the fair value of the land is 5000 more than the book value on the state