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Prepare the journal entry to record the admission

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Reference no: EM132603373

Question - Tim Tarrant and Jim Edmonds share partnership profit on a 3:2 basis. They have capital balances of $170,000 and $90,000, respectively, when JT Ryder is admitted to the partnership.

Instructions - Prepare the journal entry to record the admission of Ryder under each of the following assumptions: Ryder invests $100,000 for a 25% ownership interest.

Reference no: EM132603373

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