Question
Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $231,000 and $97,000, respectively. Etter, with the
Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $231,000 and $97,000, 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 $60,000?
b. What entry is required by the partnership if the sales price is $90,000?
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Contemporary Auditing Issues And Cases
Authors: Michael Chris Knapp
3rd Edition
0538891173, 9780538891172
