Question: On March 12 2014 Fontaine agrees to pay Ramos and
On March 12, 2014, Fontaine agrees to pay Ramos and Briley $12,000 each for a one-third interest in the existing Ramos–Briley partnership. At the time Fontaine is admitted, each partner has a $30,000 capital balance. Prepare the journal entry to record Fontaine’s purchase of the partners’ interest.
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