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A. Veveris and J. Rubenis share profit on a 2:1 basis, respectively. They have capital balances of $40,920 and $34,080, respectively, when S. Weiss is admitted to the partnership on September 1, 2021.
Question 1: Prepare the journal entry to record the admission of Weiss under each of the following independent assumptions: (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
1. Weiss purchases 50% of Ververis's equity for $24,920. This is a personal transaction between the partners.
2. Weiss purchases 25% of Ververis's and Rubenis's equity for $15,630 and $10,180, respectively. This is a personal transaction among the partners.
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