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Cord and Stringer are partners who share profits and losses in the ratio of 3:2, respectively. On August 31, 2017, their capital accounts are as
Cord and Stringer are partners who share profits and losses in the ratio of 3:2, respectively. | ||||||||
On August 31, 2017, their capital accounts are as follows: | ||||||||
Cord | $70,000 | |||||||
Stringer | $60,000 | |||||||
$130,000 | ||||||||
On that date, they agreed to admit Twiner as a partner with a one-third interest in the capital | ||||||||
and profits and losses, for an investment of $50,000. | ||||||||
Required: Preapre the entry or entries to record the admission of Twiner, using the bonus | ||||||||
method. | ||||||||
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