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K Emily and Elvis admit Madeleine to their partnership, with Madeleine paying $30,000 more than the book value of her equity in the new business.
K Emily and Elvis admit Madeleine to their partnership, with Madeleine paying $30,000 more than the book value of her equity in the new business. Emily and Elvis have no formal profit-and-loss-sharing agreement. What effect does admitting Madeleine to the partnership have on the capital balances of Emily and Elvis? A. Credit the Emily and Elvis capital accounts for $30,000 each. OB. Credit the Emily and Elvis capital accounts for $15,000 each. O C. Cannot be determined because there's no profit-and-loss sharing ratio. OD. Debit the Emily and Elvis capital accounts for $15,000 each
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