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4. A partnership was formed between 3 individuals; Ronald, Jim and Jennifer and their capital accounts of $500,000, $350,000 and $200,000 respectfully. The partners agreed

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4. A partnership was formed between 3 individuals; Ronald, Jim and Jennifer and their capital accounts of $500,000, $350,000 and $200,000 respectfully. The partners agreed to share profits/losses in the ratio of 75%, 15% and 10%. The existing partners admitted a new partner Rani by giving him 20% for $200,000. (5 points) General Journal Debit Credit 12000 common shares. The corporation

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