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Provide the journal entry to record a withdrawal

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Reference no: EM132792658

Problem 1: C wats to invest in the partnership for a 10% interest. The partners revalued the partnership and found out that a land is undervalued by 240,000. If no bonus shall be allowed, how much should C invest?

B does not like C to be admitted to th partnership because C was B's ex-boyfriend and B still heartbroken. Accordingly B decided to withdraw from the partnership and sell her interest to A for 280,000. The net assets of the firm as of this date approximate their fair values.

REQUIREMENT:

Problem 2: Provide the journal entry to record A's withdrawal

Reference no: EM132792658

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