Kate Robidou purchases for $72,000 Grants interest in the Sharon-Grant partnership. Assuming that Grant has a $66,000

Question:

Kate Robidou purchases for $72,000 Grant’s interest in the Sharon-Grant partnership. Assuming that Grant has a $66,000 capital balance in the partnership, what journal entry is made by the partnership to record this transaction?

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...