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Ex. 2 Kline, Riser, and Stone share income on a 6:3:1 basis. They have capital balances of $50,000, $40,000, and $24,000, respectively, when Howard is
Ex. 2 Kline, Riser, and Stone share income on a 6:3:1 basis. They have capital balances of $50,000, $40,000, and $24,000, respectively, when Howard is admitted to the partnership Instructions Prepare the journal entry to record the admission of Howard into the partnership if Howard purchases one-half of Kline's equity for $30,000; one-half of Riser's equity for $15,000; and one-third of Stone's equity for $12,000
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