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Question 5 (10 marks) Carter and Hickie are partners, sharing gains and losses 1:4. At December 31, 2020, their capital balances were $64,000 and

Question 5 (10 marks) Carter and Hickie are partners, sharing gains and losses 1:4. At December 31, 2020, their capital balances were $64,000 and $76,000 respectively. At this date, it is agreed that a new partner, Everest, is to be admitted to the firm on investing $46,000 cash for a one-third share in total capital. Required: Prepare the journal entry to record Everest's admission to the firm.

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