Ann Todd has a capital balance of ($ 30,000); Vic Carlson's balance is ($ 25,000). Claire Reynaldo
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Ann Todd has a capital balance of \(\$ 30,000\); Vic Carlson's balance is \(\$ 25,000\). Claire Reynaldo pays \(\$ 100,000\) to purchase Carlson's interest in the Todd \& Carlson partnership. Carlson gets the full \(\$ 100,000\).
1. Journalize the partnership's transaction to admit Reynaldo to the partnership.
2. Must Todd accept Reynaldo as a full partner? What right does Reynaldo have after purchasing Carlson's interest in the partnership?
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