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Assume that Partners A and B each report a Capital Account of $400,000. 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 $400,000. Partner C wants to join the partnership as an equal one-third partner in consideration for a combined payment to Partners A and B of $266,666. For the journal entry on the books of the partnership to reflect the admission of Partner C, indicate if Partner A Capital account is debited or credited, and the amount
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Financial Accounting An Introduction
Authors: Jacqui Kew, Alex Watson
4th Edition
0199046484, 978-0199046485
