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Need help asap answer only please, The capital accounts of Hope and Indiana have balances of $115,000 and $95,000, respectively. Clint and Casey are to
Need help asap answer only please,
The capital accounts of Hope and Indiana have balances of $115,000 and $95,000, respectively. Clint and Casey are to be admitted to the partnership. Clint buys 20% of Hope's interest for $30,000 and 25% of Indiana's interest for $20,000. Casey contributes $45,000 cash to the partnership, for which he is to receive an ownership equity of $45,000. Required: 1. Journalize the entries for the admission of (1) Clint and (2) Casey, If an amount box does not require an entry, leave it blant 2. What are the capital balances of each partner after the admission of the new partners? Hope Indiana Clint Casey Step by Step Solution
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