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Prepare the journal entry for the payment to davis

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Question - Assume the partnership of Davis, Hayes, and Wang has been in existence for a number of years. Davis decides to withdraw from the partnership when the partners' capital balances are as follows:

Davis: $65,000

Hayes: 10,000

Wang: $25,000

The profit and loss ratios are as follows:

Davis: 45%

Hayes: 25%

Wang: 30%

An appraisal of the business and its property estimates the fair value to be $100,000. Davis has agreed to receive $64,000 in exchange for his partnership interest.

Required - Prepare the journal entry for the payment to Davis in the dissolution of his partnership interest, assuming the bonus method is to be applied.

Reference no: EM132981172

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