Problem 3 John, Mary and Steven are partners The capital accounts of each partner on December 31, 2022 are $100,000, $200,000 and $300,000, respectively The partners have agreed to share profits and loss in proportion to their capital accounts The partnership decides to buy out Steven's partnership interest Requirements 1 Journal the purchase for cash of Steven's partnership interest for $345,000 2 Journal the purchase for cash of Steven's partnership interest for $240,000 Problem 3 John, Mary and Steven are partners The capital accounts of each partner on December 31, 2022 are $100,000,$200,000 and $300,000, respectively The partners have agreed to share profits and loss in proportion to their capital accounts The partnership decides to buy out Steven's partnership interest Requirements 1 Journal the purchase for cash of Steven's partnership interest for $345,000 2 Journal the purchase for cash of Steven's partnership interest for $240,000

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Problem 3  John, Mary and Steven are partners  The capital accounts of each partner on December 31, 2022 are $100,000, $200,000 and $300,000, respectively  The partners have agreed to share profits and loss in proportion to their capital accounts  The partnership decides to buy out Steven's partnership interest  Requirements 1  Journal the purchase for cash of Steven's partnership interest for $345,000  2  Journal the purchase for cash of Steven's partnership interest for $240,000  Problem 3  John, Mary and Steven are partners  The capital accounts of each partner on December 31, 2022 are $100,000,$200,000 and $300,000, respectively  The partners have agreed to share profits and loss in proportion to their capital accounts  The partnership decides to buy out Steven's partnership interest  Requirements 1  Journal the purchase for cash of Steven's partnership interest for $345,000  2  Journal the purchase for cash of Steven's partnership interest for $240,000

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Problem 3. John, Mary and Steven are partners. The capital accounts of each partner on December 31, 2022 are $100,000, $200,000 and $300,000, respectively. The

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