Sweet has a capital balance of $25,000; Scott's balance is $21,000. Hamlet pays $100,000 to purchase Scott's

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Sweet has a capital balance of $25,000; Scott's balance is $21,000. Hamlet pays $100,000 to purchase Scott's interest in the Sweet & Scott partnership. Scott receives the full $100,000.
Requirements
1. Journalize the partnership's transaction to admit Hamlet to the partnership.
2. Must Sweet accept Hamlet as a full partner? What rights does Hamlet have after purchasing Scott's interest in the partnership?
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Horngrens Accounting

ISBN: 978-0134674681

12th edition

Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura

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