J. Lynn, M. Oller, and F. Tate share income on a 5 : 3 : 2 basis.

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J. Lynn, M. Oller, and F. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Doc Duran is admitted to the partnership.

Instructions

Prepare the journal entry to record the admission of Doc Duran under each of the following assumptions.

(a) Purchase of 50% of Lynn’s equity for $19,000.

(b) Purchase of 50% of Oller’s equity for $12,000.

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Accounting Principles

ISBN: 9780471980193

8th Edition

Authors: Jerry J Weygandt, Donald E Kieso, Paul D Kimmel

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Question Posted: Sep 13, 2011 08:48 AM

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J. Lynn, M. Oller, and F. Tate share income on a 5 : 3 : 2 basis.

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a J Lynn Capital 30000 X 50 15000 D D...View the full answer

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