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2 Feb 2023
K. Kolmer, C. Eidman, and C. Ryno share income on a 5 : 3 : 2basis. They have capital balances of $25,800, $30,600, and $15,300,respectively, when Don Jernigan is admitted to the partnership.Prepare the journal entry to record the admission of Don Jerniganunder each of the following assumptions. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually. Round answers to 0 decimal places, e.g. 5,275.) (a)Purchase of 50% of Kolmerâs equity for $18,200. (b) Purchase of 50%of Eidmanâs equity for $7,700. (c) Purchase of 331/3% of Rynoâsequity for $10,000.
K. Kolmer, C. Eidman, and C. Ryno share income on a 5 : 3 : 2basis. They have capital balances of $25,800, $30,600, and $15,300,respectively, when Don Jernigan is admitted to the partnership.Prepare the journal entry to record the admission of Don Jerniganunder each of the following assumptions. (Credit account titles areautomatically indented when amount is entered. Do not indentmanually. Round answers to 0 decimal places, e.g. 5,275.) (a)Purchase of 50% of Kolmerâs equity for $18,200. (b) Purchase of 50%of Eidmanâs equity for $7,700. (c) Purchase of 331/3% of Rynoâsequity for $10,000.
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