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o Babcock and Gibson have partner Capital balances of $180,000 and $150,000, respectively. Babcock gets 65 percent of profits and losses, and Gibson gets 35
o Babcock and Gibson have partner Capital balances of $180,000 and $150,000, respectively. Babcock gets 65 percent of profits and losses, and Gibson gets 35 percent. Assume Mills invests $88,500 to acquire a 20 percent interest in the new partnership of Babcock, Gibson, Mills. Is there a bonus? If so, who gets it? Journalize the partnership's receipt of cash from Mills on June 14 Use the following table to show who, if anyone, will get a bonus. (Round final answers to the nearest whole dollar.) Partnership capital before Mills is admitted Mills's investment in the partnership Partnership capital after Mills is admitted Mills's capital in the partnership Bonus to Journalize the partnership's receipt of cash from Mills on June 14. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Round final answers to the nearest dollar.) Journal Entry Date Accounts Debit Credit Jun 14 Choose from any list or enter any number in the input fields and then continue to the next
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