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On January 1, 2020, Harry, Ron and Hermione formed a partnership by all contributing cash. Harry contributed $65,000, Ron contributed $30,000 and Hermione contributed $45,000.

On January 1, 2020, Harry, Ron and Hermione formed a partnership by all contributing cash. Harry contributed $65,000, Ron contributed $30,000 and Hermione contributed $45,000.

Required:

1. Prepare the journal entries on January 1, 2020 to establish the partnership

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