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Exercise 12-11: J. Lynn, M. Oller, and F. Tate share income on a 5:3:2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively,
Exercise 12-11: J. Lynn, M. Oller, and F. Tate share income on a 5:3:2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Doc Duran is admitted to the partnership. --Instructions--Prepare the journal entry to record the admission of Doc Duran under each of the following assumptions: (a) Purchase of 50% of Lynn's equity for $19,000. (b) Purchase of 50% of Oller's equity for $12,000. (c) Purchase 33 1/3% of Tate's equity for $9,000
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