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Prepare the journal entry

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Question - The ABC Partnership has 3 equal partners with the following capital accounts:

a. Partner A capital account $100,000

b. Partner B capital account $100,000

c. Partner C capital account $100,000

They are allowing Partner D to become an equal (1/4) partner for a contribution of $200,000

a) Prepare the journal entry if the partnership uses the bonus method.

b) Prepare the journal entry if the partnership uses the goodwill method.

Reference no: EM131788306

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