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Conway, Kip, and Zack are partners with capital balances as follows: Conway, $367,200; Kip, $122,400; and Zack, $244,800. The partners share incomes and losses in
Conway, Kip, and Zack are partners with capital balances as follows: Conway, $367,200; Kip, $122,400; and Zack, $244,800. The partners share incomes and losses in a 30% : 40% : 30% ratio. Young is admitted to the partnership on November 30 with a 20% equity. Prepare General Journal entries to record the admission of Young if he invests $129,600
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