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Mung and Long allow Kang to join their partnership for $50,000 cash. The recorded value of the equity being purchased is $40,000. Prepare the journal

Mung and Long allow Kang to join their partnership for $50,000 cash. The recorded value of the equity being purchased is $40,000. Prepare the journal entry to record the admission of Kang to the partnership. Assume the partners have no agreement for sharing profits and losses.

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