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Assume that Partners A and B each report a Capital Account of $900,000. Partner C wants to join the partnership as an equal one-third partner

Assume that Partners A and B each report a Capital Account of $900,000. Partner C wants to join the partnership as an equal one-third partner in consideration for a payment to the partnership of $400,000 cash and a parcel of land valued at $500,000.

Required: Record the journal entry on the books of the partnership to reflect the admission of Partner C.

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