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Collins, Castillo, and Cruz were partners with capital account balances of $95,000, $115,000, and $85,000, respectively. They agreed to admit Perez to the partnership. Perez purchased 25% of each partner's interest, with payments directly to Collins, Castillo, and Cruz of $35,000, $38,000, and $29,000, respectively. Before the admission of Perez, the profit and loss sharing ratio was 2:3:2. The partners agreed to use the book value method to account for the admission of Perez to the partnership.
Problem 1: Prepare the journal entry to record the admission of Perez to the partnership.
Journal entry amounts must include the supporting calculations. If journal entries for transactions already posted are prepared as part of your analysis
Journalize and post the adjusting entries, prepare an adjusted trial balance and prepare an income statement, a statement of owner's equity, and a balance sheet.
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