Admitting New Partners

Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $$141,000$ and $$59,000,$ 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 $$40,000?$ If an amount box does not require an entry, leave it blank.

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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 $$60,000?$ If an amount box does not require an entry, leave it blank.

Myles Etter, Capital $$

$L_{?}$

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b$.$ The sales price is not a partnership transaction, but a private transaction between the two partners.