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Sam and Nate are partners and share profits and losses equally. Sam and Nate have capital balances of $80,000 and $70,000 respectively. Mark is to
Sam and Nate are partners and share profits and losses equally. Sam and Nate have capital balances of $80,000 and $70,000 respectively. Mark is to be admitted to the partnership buying a 30% interest for a purchase price of $60,000.
Determine the recipient and amount of the partner bonus.
Provide the journal entry to admit Mark into the partnership.
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