Question
Ivanhoe Imports is a partnership owned by Magda Robinson and Giannis GarciaThe partners share profit on a 32 respectivelyOn January 1, 2024, they have capital
Ivanhoe Imports is a partnership owned by Magda Robinson and Giannis GarciaThe partners share profit on a 32 respectivelyOn January 1, 2024, they have capital balances of $110,000 and 66,000, respectivelyOn that day, Magda and Giannis agree to admit lona Lee to the partnership in exchange for an investment of cash into the partnership.
a, prepare the journal entry to record the admission of Lee on January 1 under each of the following independent assumptions:
- Lee invests $55,000 cash for a 30% ownership interest. This is an investment of assets.
- Lee invest 99,000 cash for 30% ownership interest. This is an investment of assets.
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Cost Accounting For Managerial Planning Decision Making And Control
Authors: Andrew Schiff, Hsihui Chang, Woody M Liao, James L Boockholdt
5th Edition
0759340412, 978-0759340411
