Karen Schuler and Mary Ryan are partners. To expand the expertise of their business, they have agreed to admit Samuel Wing to the partnership on January 1, 2019. The capital account balances on January 1, 2019, after revaluation of assets, are Schuler, $80,000, and Ryan, $60,000. Net income or net loss is shared equally. On page 10 of a general journal, record the admission of Wing to the partnership on January 1, 2019, assuming that Wing invests $58,000 for one-third interest in the business. Omit the descriptions.

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The Answer of Karen Schuler and Mary Ryan are partners. To expand the expertise of their business, they have agreed to admit Samuel Wing to the partnership on January 1, 2019. The capital account balances on January 1, 2019, after revaluation of assets, are Schuler, $80,000, and Ryan, $60,000. Net income or net loss is shared equally. On page 10 of a general journal, record the admission of Wing to the partnership on January 1, 2019, assuming that Wing invests $58,000 for one-third interest in the business. Omit the descriptions.

Karen Schuler and Mary Ryan Are Partners