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What are the capital balances of each partner

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Problem - The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $35,000 and one-fourth of Chou's interest for $29,000. Clarke contributes $90,000 cash to the partnership, for which she is to receive an ownership equity of $90,000.

a. Journalize the entries to record the admission of (1) Gilbert and (2) Clarke.

b. What are the capital balances of each partner after the admission of the new partners?

Reference no: EM132785090

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