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can you pleasw help me with this question Sunland Accountants is a partnership with three partners. On February 29,2024, the three partners, M. Lee, H.
can you pleasw help me with this question
Sunland Accountants is a partnership with three partners. On February 29,2024, the three partners, M. Lee, H. Hall, and A. Young, have capital balances of $87,060,$73,740, and $43,800, respectively. The profit and loss ratio is 4:3:1. On March 1, 2024, Hall withdraws from the partnership and the remaining partners agree to pay him $92,160 cash from the partnership assets. After Hall leaves, Lee and Young agree to a 4:2 profit ratio. During the year ended February 28,2025 , the partnership earns a profit of $24,600. Neither Lee nor Young makes any withdrawals because the partpership is short of cash after paying Hall. On March 1, 2025 , Lee and Young agree to admit C. Smith to the partnership with a 45% interest for $76,800 cash. After Smith is admitted, the new profit and loss ratio will be 4:2:5 for Lee, Young, and Smith, respectively. Prepare the journal entry to record the admission of Smith into the partnership. (Credit account titles ore automatically indented when the amount is entered. Do not indent manually, List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Step by Step Solution
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