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What are the capital balances of each partner

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1. The capital accounts of Brad Hughes and Mitchell Isaacs have balances of $120,000 and $100,000, respectively. Leah Craft and Jayme Clark are to be admitted to the partnership. Craft buys one-fifth of Hughes's interest for $30,000 and one-fourth of Isaacs' interest for $20,000. Clark contributes $50,000 cash to the partnership, for which she is to receive an ownership equity of $50,000.

(a) Journalize the entries to record the admission of 

(1) Craft and 

(2) Clark.

(b) What are the capital balances of each partner after the admission of the new partners? 

Reference no: EM131125816

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