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Twener under each of the following assumptions

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Reference no: EM131131910

G. Olde and R. Young share income on a 6 : 4 basis. They have capital balances of $100,000 and $70,000, respectively, when K.Twener is admitted to the partnership.

Instructions

Prepare the journal entry to record the admission of K. Twener under each of the following assumptions.

(a) Investment of $90,000 cash for a 30% ownership interest with bonuses to the existing partners.

(b) Investment of $50,000 cash for a 30% ownership interest with a bonus to the new partner.

Reference no: EM131131910

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