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Question - February 1 - Brady and Manning decide to start up a partnership. Brady brings in $20 000 cash and equipment costing $80 000, with $36 000 in the accumulated depreciation account. The fair market value of the equipment is $32 000. Manning brings $44 000 in cash. They agree to an income ratio of 5:4.
December 31 - The business records a net income of $32 000, and Brady has a debit balance of $18 000 in his drawings account.
Required -
a) Record the journal entry to establish the partnership.
b) Record the entry to allocate the net income to the partners' capital accounts.
c) Prepare a Statement of Partners' Equity for 2014.
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