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Prepare the journal entries to record the admission of pedro

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Reference no: EM132982774

Question - Michelle and Jennifer were partners with capital account balances of $70,000 and $90,000, respectively. Pedro directly paid $35,000 to Michelle and $45,000 to Jennifer for 30% of their interests in the partnership. Michelle and Jennifer shared income in the ratio of 3:2. They believed that revaluation of the partnership was appropriate when a new partner was admitted.

Required - Prepare the journal entries to record the admission of Pedro to the partnership. (Show your calculations?

Reference no: EM132982774

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