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Edgar and Hawk have partner capital balances of $257.000 and $223.000, respectively. Edgar receives 70% of profits and losses, and Hawk receives 30%. Assume Price
Edgar and Hawk have partner capital balances of $257.000 and $223.000, respectively. Edgar receives 70% of profits and losses, and Hawk receives 30%. Assume Price contributes $120.000 to acquire a 25% interest in the new partnership of Edgar. Hawk, and Price. Calculate Price's capital in the new partnership. Journalize the partnership's receipt of cash from Price. Calculate Price's capital in the new partnership. Journalize the partnership's receipt of cash from Price. (Record debits first, then credits. Select the explanation on the last line of the journal table.)
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