Hasselback, Krooch & Kinney, a partnership, is considering admitting Ken Rosenzweig as a new partner. On July
Question:
Hasselback, Krooch \& Kinney, a partnership, is considering admitting Ken Rosenzweig as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as follows:
Requirements
Journalize the admission of Rosenzweig as a partner on July 31 for each of the following independent situations:
1. Rosenzweig pays Kinney \(\$ 110,000\) cash to purchase Kinney's interest.
2. Rosenzweig invests \(\$ 60,000\) in the partnership, acquiring a \(1 / 4\) interest in the business.
3. Rosenzweig invests \(\$ 60,000\) in the partnership, acquiring a \(1 / 6\) interest in the business.
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