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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 $210,000 and $62,500, respectively.

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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 $210,000 and $62,500, 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 $60,000? If an amount box does not require an entry, leave it blank. 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. 18 Cash Lonnie Davis, Capital Lonnie Davis, Drawing Myles Etter, Capital Myles Etter, Drawing

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