The partners in the Magesty Partnership have agreed that partner Prince may sell his $140,000 equity in the partnership to Queen, for which Queen will pay Prince $110,000 Present the partnerships journal entry to record the sale on April 30 ...

The partners in the Magesty Partnership have agreed that partner Prince may sell his $140,000 equity in

Question:

The partners in the Magesty have agreed that partner Prince may sell his $140,000 equity in the to Queen, for which Queen will pay Prince $110,000. Present the partnership’s journal entry to record the sale on April 30.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...