Question
Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $195,000 and $82,000, respectively. Etter, with the
Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $195,000 and $82,000, respectively. Etter, with the consent of Santori, sells one-third of her interest to Lonnie Davis.
a. What entry is required by the partnership if the sales price is $50,000?
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b. What entry is required by the partnership if the sales price is $80,000?
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Intermediate Accounting
Authors: Earl K. Stice, James D. Stice
19th edition
1133957919, 978-1285632988, 1285632982, 978-0357691229, 978-1133957911
