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J. Lynn, M. Oller, and F. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $33,680, $29,230, and
J. Lynn, M. Oller, and F. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $33,680, $29,230, and $16,590, respectively, when Doc Duran is admitted to the partnership. Instructions Prepare the journal entry to record the admission of Doc Duran under each of the following assumptions. Purchase of 50% of Lynn's equity for $18,836. Account/Description 1Debit 1Credit Purchase of 50% of Oller's equity for $12,890. Account/Description 1Debit 1Credit Purchase of 331/3% of Tate's equity for $8,782.(Round answers to 0 decimal places, e.g. 125.) Account/Description 1Debit 1Credit
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