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3) Scenario 3: Strategic Advisors decides to expand and admits Morgan as a new partner. Morgan invests $50,000 in cash, and the new profit-sharing ratio

3) Scenario 3: Strategic Advisors decides to expand and admits Morgan as a new partner. Morgan invests $50,000 in cash, and the new profit-sharing ratio will be Alex 40%, Jamie 40%, and Morgan 20%. What are the journal entries to record Morgan's admission? How does the capital structure change after Morgan's admission

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