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Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $210,000 and $62,500, respectively. Etter, with the
Myles Etter and Crystal Santori are partners who share in the income equally and have
capital balances of $210,000 and $62,500, respectively. Etter, with the consent of Santori,
sells one-third of his interest to Lonnie Davis. What entry is required by the partnership
if the sales price is (a) $60,000? (b) $80,000?
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Integrated Audit Practice Case
Authors: David S. Kerr, Randal J. Elder, Alvin A. Arens
5th Edition
0912503351, 9780912503356
