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Calculate the johnson equity share

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Problem 1: On January 2, 2018, Smith and Jones agree to accept Johnson as a partner upon his investment of $60,000 cash in the partnership. Johnson is to receive a 20% ownership interest in the new partnership. Any bonus is attributable to the existing partners and is shared equally. The equity of Smith and Jones $174,000. Calculate the Johnson's equity share and prepare journal entries .

Reference no: EM132623988

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