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Chante (with a $50,000 interest) and Olivia (with a $23,000) decide to accept Sherwood into the partnership. Sherwood will contribute $25,000 in cash, which will

Chante (with a $50,000 interest) and Olivia (with a $23,000) decide to accept Sherwood into the partnership. Sherwood will contribute $25,000 in cash, which will also be the amount to be credited to his capital account. Required: a) Prepare the journal entry to record the transaction. b) What would be the net assets of the partnership after Sherwood is admitted to the partnership

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