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is admitted to a partnership. Prior to the admission of Twig, the partnership books show Trista Wird's Capital balance at $88,000 and Alvin Brookes' Capital
is admitted to a partnership. Prior to the admission of Twig, the partnership books show Trista Wird's Capital balance at $88,000 and Alvin Brookes' Capital balance at $44,000. Wird and Brookes share profits and losses equally. Required 1. Compute the amount of each partner's equity on the books of the new partnership under the following plans: a. Twig purchases Brookes' interest in the business, paying $52,600 directly to Brookes. b. Twig invests $44,000 to acquire a one-fourth interest in the partnership. c. Twig invests $84,000 to acquire a one-fourth interest in the partnership. 2. Make
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