Jones and James' partnership capital balances are $65,000 and $85,000, respectively. They share profits and losses in a 1:3 ratio for Jones and James, respectively. Johnson is admitted to the partnership and invests $55,000 for a one-fourth interest, with a bonus to the old partners. Prepare the journal entry to admit Johnson to the partnership.
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Total capital = $68,000 + $85...View Answer
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