How do show entry to admit the new partner into business

Reference no: EM132700553

Mahomes joins the partnership. He is anxious to join and agrees to pay $46,000 for a 20% share of the business, with the bonus to the existing partners. Rodgers, Brady, and Mahomes agree to salaries of $5,000 for each partner, and a 5:4:3 income ratio.

Required:

Problem 1: Show the entry to admit the new partner into the business.

Reference no: EM132700553

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