Question
Matthew and Mark are partners with capital balances of $20,000 and $32,000, respectfully. Their partnership agreement has them allocate profits and losses on a
Matthew and Mark are partners with capital balances of $20,000 and $32,000, respectfully. Their partnership agreement has them allocate profits and losses on a ratio of 1:3. They agree to admit Luke to the partnership. On May 12, Luke invests $11,000 for a 30% interest in the partnership. Prepare the journal entry to record Luke's admission to the partnership.
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Horngrens Financial and Managerial Accounting
Authors: Tracie L. Nobles, Brenda L. Mattison, Ella Mae Matsumura
5th edition
978-0133866292
