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Capital balances in Pelmar Co. are Lango $37,000, Oslo $30,800, and Fernetti $18,100. Lango and Oslo each agree to pay Fernetti $12,300 from their personal
Capital balances in Pelmar Co. are Lango $37,000, Oslo $30,800, and Fernetti $18,100. Lango and Oslo each agree to pay Fernetti $12,300 from their personal assets. Lango and Oslo each receive 50% of Fernetti's equity. The partners share income equally.
Journalise the withdrawal of Fernetti.
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Managerial Accounting Creating Value in a Dynamic Business Environment
Authors: Ronald W. Hilton
9th edition
78110912, 978-0078110917
