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7. P and R sell Sport Instruments through their partnership. To bring in additional funds and expertise, they decide to admit J to the partnership.

7. P and R sell Sport Instruments through their partnership. To bring in additional funds and expertise, they decide to admit J to the partnership. P's capital is $400,000, R's capital is $200,000, and they share income in a ratio of 7:3, respectively. Record J's admission if he invests $180,000 for a one-fourth interest. Goodwill is to be recorded.

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