Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally...

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Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $147,000 and $62,000, respectively. Etter, with the consent of Santori, sells one- third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $40,000? If an amount box does not require an entry, leave it blank. b. What entry is required by the partnership if the sales price is $60,000? If an amount box does not require an entry, leave it blank. Admitting New Partners Myles Etter and Crystal Santori are partners who share in the income equally and have capital balances of $147,000 and $62,000, respectively. Etter, with the consent of Santori, sells one- third of his interest to Lonnie Davis. a. What entry is required by the partnership if the sales price is $40,000? If an amount box does not require an entry, leave it blank. b. What entry is required by the partnership if the sales price is $60,000? If an amount box does not require an entry, leave it blank.

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The question relates to accounting for the admission of a new partner into a partnership It is given that Myles Etter and Crystal Santori are partners ... View the full answer