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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. Requirements 1. Calculate Prices capital in the new partnership. 2. Journalize the partnerships receipt of cash from Price.
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