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4) Bob and Frank allow Rita to join their partnership for $50,000 cash. The recorded value of the equity being purchased is $40,000. Prepare the

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4) Bob and Frank allow Rita to join their partnership for $50,000 cash. The recorded value of the equity being purchased is $40,000. Prepare the journal entry to record the admission of Rita to the partnership. Assume the partners have no agreement for sharing profits and losses. (1 Mark)

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