Hudson, Meehan, and Loiselle, a partnership, is considering admitting Thompson as a new partner. On July 31,
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Requirements
Journalize the admission of Thompson as a partner on July 31 for each of the following independent situations:
1. Thompson pays Loiselle $162,000 cash to purchase Loiselle's interest.
2. Thompson contributes $81,000 to the partnership, acquiring a 1/4 interest in the business.
3. Thompson contributes $81,000 to the partnership, acquiring a 1/6 interest in the business.
4. Thompson contributes $81,000 to the partnership, acquiring a 1/3 interest in the business?
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Related Book For
Horngrens Accounting
ISBN: 978-0134674681
12th edition
Authors: Tracie L. Miller nobles, Brenda L. Mattison, Ella Mae Matsumura
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