Question: Problem III. Prepare the necessary journal entry (15 pts.) WXYZ partnership with capital balances of $20,000 / $80,000 / $50,000 / $50,000 will allow a

Problem III. Prepare the necessary journal entry (15 pts.) WXYZ partnership with capital balances of $20,000 / $80,000 / $50,000 / $50,000 will allow a new partner Henry to join the partnership by contributing equipment worth $60,000, cash of $40,000 for a 10% interest in the partnership. Any bonus is to be split based on the above partner's capital balances

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