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Crane Co. capital balances are: Barr $25,700, Croy $25,000, and Eubank $20,800. The partners share income equally. Tovar is admitted to the firm by purchasing
Crane Co. capital balances are: Barr $25,700, Croy $25,000, and Eubank $20,800. The partners share income equally. Tovar is admitted to the firm by purchasing one-half of Eubanks interest for $13,100. Journalize the admission of Tovar to the partnership. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit |
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