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Business, 18.12.2020 01:00 KekePonds1021

Wallace, Simpson, and Prince are partners and share income and losses in a 3:4:3 ratio. The partnership's capital balances are Wallace, $78,260; Simpson, $90,300; and Prince, $72,240. Royal is admitted to the partnership on July 1 with a 20% equity and invests $60,200. The partnership would record the admission of Royal into the partnership as:

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Wallace, Simpson, and Prince are partners and share income and losses in a 3:4:3 ratio. The partners...
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