Chico and Dino share net income and losses in a 7:3 ratio and have capital balances of

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Chico and Dino share net income and losses in a 7:3 ratio and have capital balances of $35,000 and $30,000 respectively. Filo invests $25,000 for a one third interest in the partnership. Prepare the journal entry if the bonus method is used.

Compute the new capital balances of all 3 partners. Show all computations.

Posted Date: Jul 11, 2024 01:06 PM

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Chico and Dino share net income and losses in a 7:3 ratio and have capital balances of

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