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Question - Biz Partnership allows partner Mandy to sell her $100,000 equity in the partnership to Brittney. Brittney pays Mandy $85,000.
Record the partnership's journal entry for the sale of Mandy's interest to Brittney on September 30.
Record the admission of Brittney as a partner who will pay Mandy $85,000 for her share of equity of $100,000.
State the journal entries required to account for the above transactions, Explain the concepts and reasoning for the entry
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