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Keri & Nick Consultings partners equity accounts reflected the following balances on August 31, 2023: Keri Lee, Capital $ 55,000 Nick Kalpakian, Capital 197,000 Lee
Keri & Nick Consultings partners equity accounts reflected the following balances on August 31, 2023:
Keri Lee, Capital | $ | 55,000 | |
Nick Kalpakian, Capital | 197,000 | ||
Lee and Kalpakian share profit/losses in a 2:3 ratio, respectively. On September 1, 2023, Liam Court is admitted to the partnership with a cash investment of $108,000. Required: Prepare the journal entry to record the admission of Liam under each of the following unrelated assumptions, where he is given: a. A 30% interest in equity
b. A 20% interest in equity
c. A 50% interest in equity
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