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Question - Admission of a Partner - The Boson and Carter Partnership has capital balances as follows:
Boson, Capital $280,000
Marter, Capital 160,000
The partners share their income and losses in the ratio of 60% to Boson and 40% to Marter.
Please record the admission of Simson as a new partner, under the following 3 INDEPENDENT circumstances.
1. Simson pays $160,000 to Boson and $95,000 to Marter for ½ of each of their ownership interests in a personal transaction.
2. Simson invests $250,000 into the partnership for ? interest in partnership capital.
3. Simson invests $100,000 in the partnership for ? interest in partnership capital.
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