=+EX 12-11 Admitting new partners obj. 3 The capital accounts of Brad Hughes and Mitchell Isaacs have
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=+EX 12-11 Admitting new partners obj. 3 The capital accounts of Brad Hughes and Mitchell Isaacs have balances of $120,000 and
$100,000, respectively. Leah Craft and Jayme Clark are to be admitted to the partnership. Craft buys one-fifth of Hughes’s interest for $30,000 and one-fourth of Isaacs’
interest for $20,000. Clark contributes $50,000 cash to the partnership, for which she is to receive an ownership equity of $50,000.
a. Journalize the entries to record the admission of (1) Craft and (2) Clark.
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