DE 12-9 Study the Ingel and Jay partnership balance sheet near the top of page 476. Claire

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DE 12-9 Study the Ingel and Jay partnership balance sheet near the top of page 476. Claire Reynoldo pays $110,000 to purchase Michael Jay's interest in the partnership. 1. Journalize the partnership's transaction to admit Reynoldo to the partnership. What happens to the $20,000 difference between Reynoldo's payment and Jay's capital bal- ance? 2. Must Robin Ingel accept Claire Reynoldo as a full partner? What right does Reynoldo have after purchasing Jay's interest in the partnership?

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