Alan and Kate started a CPA firm as a partnership. Alan contributed cash of $15,000, and Kate

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Alan and Kate started a CPA firm as a partnership. Alan contributed cash of $15,000, and Kate invests only $2,000. Kate, however, is a CPA and worked as a voluntary income tax assistant while she did her undergraduate in accounting. Alan and Kate agreed on equal capital balances.

Record the journal entry for their initial capital contribution following the goodwill method.

Posted Date: Dec 01, 2021 06:29 PM

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Alan and Kate started a CPA firm as a partnership. Alan contributed cash of $15,000, and Kate

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Amount of goodwill 15000 2000 1300... View the full answer

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