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Prepare journal entry to record this transaction

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Question - Norton invested $20,000 in the partnership of Maxwell and Slade. The capital balance of Maxwell and Slade were $40,000 and $60,000, respectively. Income and loss is shared according to the ratio of equity balances. Norton was to receive 25% interest in the new partnership. Prepare journal entry to record this transaction?

Reference no: EM132755566

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