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Assume the following information just prior to the admission of new partner I: Assets Liabilities Cash $ 5.000 Accounts payable $ 8,000 Accounts receivable 43.000

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Assume the following information just prior to the admission of new partner I: Assets Liabilities Cash $ 5.000 Accounts payable $ 8,000 Accounts receivable 43.000 Partners' Capital G. Capital $30,000 H, Capital 10.000 40.000 $48.000 $48,000 Required: Prepare journal entries to record the following unrelated scenarios: 5. New partner | purchases partners G's partnership interest for $40,000. 6. New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G and H. 7. New partner I contributes land with a fair value of $100,000. Relative ownership interests after this transaction are: Partner Ownership interest G 20% H 5% 75% 100%

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