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Prepare the journal entry to record the admission of cohen

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On March 12, 2018 McCartney and Lenin allow Cohen to join their partnership with $82,000 cash. McCartney's equity is $68,000 and Lenin is $46,000. The original partners' sharing ration is 3:7.

Cohen will receive a 10% share in the business.

Required:

Question 1: Prepare the journal entry to record the admission of Cohen into the partnership

Reference no: EM132526152

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