March 27, 2017

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I was just wondering if anyone could help me with the following problem. I am not sure even where to start.

Reed, Sharp, and Tucker were partners with capital account balances of $80,000, $100,000, and $70,000, respectively. They agreed to admit Upton to the partnership. Upton purchased 30% of each partner's interest, with payments to Reed, Sharp, and Tucker of $32,000, $40,000, and $28,000,respectively. The partners agreed to use the bonus method to account for the admission of Upton to the partnership.
Prepare the journal entry to record the admission of Upton to the partnership.

  • accy 117 (advanced accounting) - ,

    reed 24
    sharp 30
    tucker 21
    upton 75

  • to record admission of new partner into partnershi - ,

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