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At April 30, partners' capital balances in Crane Partners are Dexter $43,100, Emley $25,480, and Sigle $23,520. The profit-sharing ratio is 5:3:2, respectively. On
At April 30, partners' capital balances in Crane Partners are Dexter $43,100, Emley $25,480, and Sigle $23,520. The profit-sharing ratio is 5:3:2, respectively. On May 1, the Pronghorn Partnership is formed by admitting Watson to the firm as a partner with 20% equity. Watson invests $23,025. Journalize the admission of Watson. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 1 (To invest cash in business.) eTextbook and Media
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Financial Accounting Theory and Analysis Text and Cases
Authors: Richard G. Schroeder, Myrtle W. Clark, Jack Cathey
11th edition
9781118806500, 1118582799, 1118806506, 978-1118582794
