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Question - Brady and Manning decide to start up a partnership. Brady brings in $20000 cash and equipment costing $80000, with $25000 in the accumulated depreciation account. The fair market value of the equipment is $47000. Manning brings $64000 in cash. They agree to an income ratio of 5:4.
- The business records a net income of $34000, and Brady has a debit balance of $16000 in his drawings account.
a) Record the journal entry to establish the partnership.
b) Record the entry to allocate the net income to the partners' capital accounts.
c) Statement of Partners' Equity for 2014.
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