Kaitlyn Fields and Tyler Unger are partners. To expand the expertise of their business, they have agreed to admit Serena Singh to the partnership on January 1, 2013. The capital account balances on January 1, 2013, after revaluation of assets, are Fields, $80,000, and Unger, $60,000. Net income or net loss is shared equally. On page 7 of a general journal, record the admission of Singh to the partnership on January 1, 2013, assuming that Fields sells one-half of her interest to Singh for $39,000 in cash. Omit the description.

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The Answer of Kaitlyn Fields and Tyler Unger are partners. To expand the expertise of their business, they have agreed to admit Serena Singh to the partnership on January 1, 2013. The capital account balances on January 1, 2013, after revaluation of assets, are Fields, $80,000, and Unger, $60,000. Net income or net loss is shared equally. On page 7 of a general journal, record the admission of Singh to the partnership on January 1, 2013, assuming that Fields sells one-half of her interest to Singh for $39,000 in cash. Omit the description.

Kaitlyn Fields and Tyler Unger Are Partners