The JKLM Partnership has the following balance sheet at January 1, 2018, prior to the admission of new partner, Ruiz. Cash and current assets $81,000 Land 230,000 Building and equipment 122,000 Total...

The JKLM Partnership has the following balance sheet at January 1, 2018, prior to the admission of new partner, Ruiz.

Cash and current assets              $81,000

Land                                         230,000

Building and equipment            122,000

Total                                        $433,000

Liabilities                                 $77,000

Capital, Johnson                         53,000

Capital, Kelly                              75,000

Capital, Lopez                             46,000

Capital, Mason                          182,000

Total                                        $433,000

Ruiz contributes $50,000 into the partnership for a 20% interest.  The four original partners share profits and losses equally.

Required:

Using the bonus method, do the following:

1. Prepare the journal entry to record the admission of Ruiz into the partnership.