Sheridan Co. capital balances are Barr $34,200, Croy $26,800, and Eubank $16,700. The partners share income equally. Tovar is admitted to the firm by purchasing one-half of Eubank's interest for $11,600. Journalize the admission of Tovar to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit

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Fringe Benefit Tax

Fringe benefits are in addition to the compensation that companies give to their employees. It is an additional benefit above the stated salary. It helps to keep the employees of the firm motivated as sometimes the only salary is not enough to retain the quality employees of the firm. There are different types of fringe benefits. Fringe benefits are given in both private as well as public enterprises.