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Peter and Paul are partners; they share profits and losses in proportion to their capital balance. Their capital balances are $192 and $132 respectively (all
Peter and Paul are partners; they share profits and losses in proportion to their capital balance. Their capital balances are $192 and $132 respectively (all figures are in thousands of dollars). They admit Mary to a 25% share of the partnership.
a) Prepare the journal entries if Mary pays $108 to become a partner.
b) " " $128
c) " " $38
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