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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.

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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