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Lily yuan and kayla dunn are partners who share in the

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Lily Yuan and Kayla Dunn are partners who share in the income equally and have capital balances of $180,000 and $62,500, respectively. Yuan, with the consent of Dunn, sells one-third of her interest to Rachel Burnett.

a. What entry is required by the partnership if the sales price is $40,000?

b. What entry is required by the partnership if the sales price is $80,000?

Reference no: EM13602777

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