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answer it as soon as possible Braxton and Gallie have partner Capital balances of $133,000 and $97,000, respectively. Braxton gets 65 percent of profits and
answer it as soon as possible
Braxton and Gallie have partner Capital balances of $133,000 and $97,000, respectively. Braxton gets 65 percent of profits and losses, and Gallie gets 35 percent. Assume Melvin invests $68,500 to acquire a 20 percent interest in the new partnership Braxton, Gallie, Melvin. Is there a bonus? If so, who gets it? Journalize the partnership's receipt of cash from Melvin on June 2. Use the following table to show who, if anyone, will get a bonus. (Round final answers to the nearest whole dollar.) Partnership capital before Melvin is admitted Melvin's investment in the partnership Partnership capital after Melvin is admitted Melvin's capital in the partnership Bonus to Journalize the partnership's receipt of cash from Melvin on June 2. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round final answers to the nearest dollar.) Journal Entry Date Accounts Debit Credit Jun 2 Step by Step Solution
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