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P,L, and O are partners with capital balances of $50,000, $30,000, and $20,000 and who share in the profits and loss of the PLO partnership
P,L, and O are partners with capital balances of $50,000, $30,000, and $20,000 and who share in the profits and loss of the PLO partnership 30%,20%, and 50% respectively, when they agree to admit C for a 20% interest. C contributes $20,000 to the partnership and the goodwill method is used. Prepare the journal entry for C's Admission to the partnership
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