A partnership has total partners' equity of $$20,000,$ which consists of the balances in the following dashboard. The partners share net income and loss in a ratio of $60\%$ to Chase and $40\%$ to Lance. On January $2,$ Pita is admitted to the partnership and given a $20\%$ interest in equity and a $20\%$ share in income and loss.

$\backslash$table$[[$Chase$,$ Capital,,$$12,000$

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A partnership has total partners' equity of $20,000, which consists of the balances in the following dashboard. The partners share net income and loss in a ratio of 60% to Chase and 40% to Lance. On January 2, Pita is admitted to the partnership and given a 20% interest in equity and a 20% share in income and loss. Chase, Capital Lance, Capital Enter answers for the following. Required 1 Required 2 Required 3 $8,000 $12,000 Prepare the journal entry to record the admission of Pita assuming that Pita invests $10,000 cash. A partnership has total partners' equity of $20,000, which consists of the balances in the following dashboard. The partners share net income and loss in a ratio of 60% to Chase and 40% to Lance. On January 2, Pita is admitted to the partnership and given a 20% interest in equity and a 20% share in income and loss. Chase, Capital Lance, Capital Enter answers for the following. Required 1 Required 2 Required 3 $8,000 $12,000 Prepare the journal entry to record the admission of Pita assuming that Pita invests $10,000 cash.

Answer rating: 100% (QA)

Based on the information provided in the question and the image we understand that Pita is admitted to the partnership with a 20 interest in the total ... View the full answer