Admission of new partner under differ methods

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Reference no: EM1315193

Journalizing the admission of new partner under differ methods.

On February 28, partners' capital balances in the CarmCo partnership are: Alvin, $60,000; Bob $30,000; and Charles $10,000. The income sharing ratio is 2:5:3. Journalize the admission of New under each of the following independent assumptions. New invests $20,000 for a 30% ownership interest in CarmCo.

Reference no: EM1315193

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