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Exercise 12-15 a-b Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $120,000, $67,000,
Exercise 12-15 a-b Foss, Albertson, and Espinosa are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $120,000, $67,000, and $34,000, respectively. Assume Garrett joins the partnership by investing $88,400 for a 25% interest with bonuses to the existing partners. Prepare the journal entry to record his investment. (Credit account titles are automatically indented when amount is en Do not lindent manually.) Account Titles and Explanation Assume instead that Foss leaves the partnership. Foss is paid 5132,000 with a bonus to the nating partner Prepare the journal entry to record Foss's withdrawal. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Assume instead that Foss leaves the partnership, Fosy is paid $132.000 with a bonus to the bring partner Preare the journal entry to record Foss's withdrawal. (Credit account titles are automatically indented when amount is entered. Do not indent manually. SP. Account Titles and Explanation Debit Credit Question Attempts: 0 of 2 used
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