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Erickson and Hadden have partner capital balances of $245,000 and $215,000. respectively. Erickson receives 70% of profits and losses, and Hadden receives 30%. Assume Power
Erickson and Hadden have partner capital balances of $245,000 and $215,000. respectively. Erickson receives 70% of profits and losses, and Hadden receives 30%. Assume Power contributes $115,000 to acquire a 25% interest in the new partnership of Erickson. Hadden, and Power. Requirements Calculate Power's capital in the new partnership. Journalize the partnership's receipt of cash from Power. Requirement Calculate Power's capital in the new partnership. Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to
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