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Fraser, Smith and Jones are partners with capital balances of $80,000, $70,000 and $50,000 respectively. They share profit and losses in a 5:3:2 ratio. Jackson
Fraser, Smith and Jones are partners with capital balances of $80,000, $70,000 and $50,000 respectively. They share profit and losses in a 5:3:2 ratio. Jackson is admitted to the partnership with a 25% equity. Required: Prepare journal entries to record Jackson's admission into the partnership under each of the following assumptions: (a) Jackson invests $30,000 (b) Jackson invests $100,000 (c) Jackson invests $150,000 A
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