Three partners, Pat, Mic, and Hay, have capital balances and profit-sharing ratios at December 31, 2016, as

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Three partners, Pat, Mic, and Hay, have capital balances and profit-sharing ratios at December 31, 2016, as follows:
Three partners, Pat, Mic, and Hay, have capital balances and

On January 1, 2017, Con invests $85,080 in the business for a one-sixth interest in capital and income.
REQUIRED
1. Prepare journal entries giving two alternative solutions for recording Con's admission to the partnership.
2.
Prepare journal entries giving two alternative solutions for recording Con's admission to the partnership if she purchased a one-sixth interest from each of the partners, rather than paying the $85,080 into the business.

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...
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Advanced Accounting

ISBN: 978-0134472140

13th edition

Authors: Floyd A. Beams, Joseph H. Anthony, Bruce Bettinghaus, Kenneth Smith

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