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Problem 58 points Cher and Bono share net income and losses in a 3:7 ratio and have capital balances of $35,000 and $30,000 respectively. Sony

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Problem 58 points Cher and Bono share net income and losses in a 3:7 ratio and have capital balances of $35,000 and $30,000 respectively. Sony invests $25,000 for a one fourth interest in the partnership. Prepare the journal entry if the bonus method is used. Compute each partner's balance after Sony's admission. Show all computations

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