Rich and Poore have partnership capital balances of $160,000 and $120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $140,000. Rich agrees to accept Claudio as a new partner. The partnership entry to record this transaction is

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The Answer of Rich and Poore have partnership capital balances of $160,000 and $120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $140,000. Rich agrees to accept Claudio as a new partner. The partnership entry to record this transaction is

Rich and Poore Have Partnership Capital Balances of $160,000 and $120,000