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Given Data: Talent, a local HR consulting firm, has total partners' equity of $860,000, which is made up of Hall, Capital, $700,000, and Reynolds, Capital,
| Given Data: | |||||||||
| Talent, a local HR consulting firm, has total partners' equity of $860,000, which is made up of Hall, Capital, $700,000, and Reynolds, Capital, $160,000. The partners share profit/ (losses) in a ratio of 75% to Hall and 25% to Reynolds. On July 1, Morris is admitted to the partnership and given a 20% interest in equity. | |||||||||
| Required | |||||||||
| Prepare the journal entry to record the admission of Morris under each of the following unrelated assumptions, in which Morris invests cash of : | |||||||||
| a. $240,000 | |||||||||
| b. $242,000 | |||||||||
| a. $149,000 | |||||||||
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Principles Of Auditing An Introduction To International Standards On Auditing
Authors: Rick Stephan Hayes, Roger Dassen, Arnold Schilder, Philip Wallage
2nd Edition
0273684108, 978-0273684107
