Ann and Bill's partnership capital balances are $50,000 and $70,000, respectively. They share profits and losses in a ratio of 1:3 for Ann and Bill, respectively. Robin is admitted to the partnership, invests $65,000 for a 40% interest, and is awarded a bonus. Prepare the journal entry to admit Robin to the partnership.

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The Answer of Ann and Bill's partnership capital balances are $50,000 and $70,000, respectively. They share profits and losses in a ratio of 1:3 for Ann and Bill, respectively. Robin is admitted to the partnership, invests $65,000 for a 40% interest, and is awarded a bonus. Prepare the journal entry to admit Robin to the partnership.

Ann and Bill's Partnership Capital Balances Are $50,000 and $70,000