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The Struter Partnership has total partners' equity of $340,000, which is made up of Main, Capitat, $238,000, and Frist, Capital $102,000. The partners share net
The Struter Partnership has total partners' equity of $340,000, which is made up of Main, Capitat, $238,000, and Frist, Capital $102,000. The partners share net income and loss in a ratio of 74% to Main and 26% to Frist. On November 1, Adison is admitted to the partnership and given a 20% interest in equity and a 20% share in any income and loss. Prepare journal entries to record the admission of Adison for a 20% interest in the equity and a 20% share in any income and loss under independent assumption Record the admission of Adison with an investment of $85,000 for a 20% interest in the equity and a 20% share in any income and loss (2) Record the admission of Adison with an investment of $120,000 for a 20% interest in the equility and a 20% share in any income and loss (3) Record the admission of Adison with an investment of $55,000 for a 20% interest in the equity and a 20% share in any income and loss, a Journal entry worksheet
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