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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 $201,000 and $84,000,
Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $201,000 and $84,000, 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 $50,000? If an amount box does not require an entry, leave it blank. Myles Etter, Capital Lonnie Davis, Capital Feedback Check My Work 88 a. The sales price is not a partnership transaction, but a private transaction between the two partners. b. What entry is required by the partnership if the sales price is $80,000? If an amount box does not require an entry, leave it blank. Myles Etter, Capital Lonnie Davis, Capital
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