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Please answer all the table. K. Walker, C. Hall, and C. Allen share income on a 5:3:2 basis. They have capital balances of $25,000,$28,600, and
Please answer all the table.
K. Walker, C. Hall, and C. Allen share income on a 5:3:2 basis. They have capital balances of $25,000,$28,600, and $19,800, respectively, when Don Lee is admitted to the partnership. Prepare the journal entry to record the admission of Don Lee under each of the following assumptions. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) a. Purchase of 50% of Walker's equity for $18,700. b. Purchase of 50% of Hall's equity for $6,200. c. Purchase of 331/3% of Allen's equity for $12,000Step by Step Solution
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