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Floyd and Merriam Start a Partnership Business on June 12,2019

Question 108

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Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows:
Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows: Floyd and Merriam share profits and losses equally.They agreed to dissolve the partnership and start a new one,admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000.Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? A) B) C) D)
Floyd and Merriam share profits and losses equally.They agreed to dissolve the partnership and start a new one,admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000.Which of the following is the correct journal entry to record the introduction of Ramelow as a partner?


A)
Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows: Floyd and Merriam share profits and losses equally.They agreed to dissolve the partnership and start a new one,admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000.Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? A) B) C) D)
B)
Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows: Floyd and Merriam share profits and losses equally.They agreed to dissolve the partnership and start a new one,admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000.Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? A) B) C) D)
C)
Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows: Floyd and Merriam share profits and losses equally.They agreed to dissolve the partnership and start a new one,admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000.Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? A) B) C) D)
D)
Floyd and Merriam start a partnership business on June 12,2019.Their capital account balances as of December 31,2020 stood as follows: Floyd and Merriam share profits and losses equally.They agreed to dissolve the partnership and start a new one,admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000.Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? A) B) C) D)

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