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Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $129,000 and $54,000,
Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $129,000 and $54,000, respectively. Etter, with the consent of Santori, sells one-third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $30,000? If an amount box does not require an entry, leave it blank. 288 b. What entry is required by the partnership if the sales price is $50,000? If an amount box does not require an entry, leave it blank.
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