Question: After the tangible assets have been adjusted to current market 148179

After the tangible assets have been adjusted to current market prices, the capital accounts of Cecil Jacobs and Maria Estaban have balances of $61,000 and $59,000 respectively.
Lee White is to be admitted to the partnership, contributing $45,000 cash to the partnership, for which she is to receive an ownership equity of $55,000. All partners share equally in income.
a. Journalize the entry to record the admission of White, who is to receive a bonus of $10,000.
b. What are the capital balances of each partner after the admission of the new partner?



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  • CreatedNovember 10, 2012
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