In ABC Co the capital balances of the partners are A Ali $30000 S Babson $25000 and K. Carter $36,000 The partners share profit equally On June 9 of the current year Dutton is admitted
In ABC Co., the capital balances of the partners are A. Ali $30,000; S. Babson $25,000; and K. Carter $36,000. The partners share profit equally. On June 9 of the current year, D. Dutton is admitted to the partnership by purchasing one-half of K. Carter s interest for $20,000. (a) Journalize the admission of Dutton on June 9. (b) How would the entry change if Dutton had paid $20,000 to purchase one-half of A. Ali s interest instead of K. Carter s interest?
Apr 05 2020 View more View Less
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