Question
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.
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?
b. What entry is required by the partnership if the sales price is $80,000?
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Global Financial Accounting And Reporting Principles And Analysis
Authors: Walter Aerts, Peter Walton
5th Edition
1473767121, 9781473767126
