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Show the entry to establish the partnership

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Reference no: EM132672449

January 1, 2017 - A. Rodgers and T. Brady decide to start up a partnership. Rodgers brings in $10,000 cash and equipment with a fair market value of $37,000. Brady brings $60,000 in cash, but he is also bringing $6,000 in accounts payable from his old business. They agree to an income ratio of 5:4.

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Problem 1: Show the entry to establish the partnership.

Reference no: EM132672449

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