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help the second part, The one in red Carla Vista Oil Imports is a partnership owned by Magda Taylor and Giannis Jackson. The partners share
help the second part, The one in red
Carla Vista Oil Imports is a partnership owned by Magda Taylor and Giannis Jackson. The partners share profit on a 3:2 basis, respectively. On January 1,2024 , they have capital balances of $96,000 and $57,600, respectively. On that day, Magda and Giannis agree to admit lona Harrin to the partnership in exchange for an investment of cash into the partnership. (a) Your answer is correct. Prepare the journal entry to record the admission of Harrin on January 1 under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Do not round any intermediate calculations. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. Harrin invests $48,000 cash for a 30% ownership interest. This is an investment of assets. 2. Harrin invests $86,400 cash for a 30% ownership interest. This is an investment of assets. For alternative 1, indicate the balance in each partner's capital account and total partners' equity after Harrin is admitted to the partnership. (Do not leave any answer field blank. Enter 0 for amounts.)Step by Step Solution
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