Question
Problem 7: Jim Welch and Sam Thayer share partnership income on a 3:2 basis. They have capital balances of $560,000 and $280,000, respectively, when Bill
Problem 7:
Jim Welch and Sam Thayer share partnership income on a 3:2 basis. They have capital balances of $560,000 and $280,000, respectively, when Bill Ryan is admitted to the partnership.
Instructions
Prepare the journal entry to record the admission of Ron Ryan under each of the following assumptions:
(a) Ryan invests $320,000 for a 25% ownership interest.
(b) Ryan invests $300,000 for a 30% ownership interest.
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Accounting Tools for business decision making
Authors: kimmel, weygandt, kieso
4th Edition
978-0470117262, 9780470534786, 470117265, 470534788, 978-0470095461
