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Within the partnership, Dallas's capital is $140,000 and Phoenix's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit Tucson

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Within the partnership, Dallas's capital is $140,000 and Phoenix's is $40,000 and they share income in a 3:1 ratio, respectively. They decide to admit Tucson to the partnership Assume that Tucson invests $50,000 for a one-fifth interest. Goodwill is to be recorded. The journal entry to record Tucson's admission into the partnership will include a credit to Tueson's capital account in what amount? Answer: 50000

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