Solution-Taylor and garcia share income equally

Taylor and garcia share income equally

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Reference no: EM131125827

J. Taylor and K. Garcia are partners in Green Earth Consultants. Taylor and Garcia share income equally. L. Harris will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $8,000. The capital balances of each partner are $100,000 and $139,000, respectively, prior to the revaluation.

(a) Provide the journal entry for the asset revaluation.

(b) Provide the journal entry for Harris's admission under the following independent situations:

1. Harris purchased a 20% interest for $50,000.

2. Harris purchased a 30% interest for $125,000.

Reference no: EM131125827

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Taylor and garcia share income equally

Reference no: EM131125827

Reference no: EM131125827

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