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12.10 Admitting New Partners May Cheng and Hannah Webster are partners who share in the income equally and have capital balances of $207,000 and $62,500,

12.10

Admitting New Partners

May Cheng and Hannah Webster are partners who share in the income equally and have capital balances of $207,000 and $62,500, respectively. Cheng, with the consent of Webster, sells one-third of her interest to Michael Cross.

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Hint(s)

a. What entry is required by the partnership if the sales price is $60,000?

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b. What entry is required by the partnership if the sales price is $80,000?

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