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Business, 28.05.2021 01:50 sierraaasifuent

The four parties involved in a partnership agree that Chao will receive a one-fourth interest in the capital of the business for cash equal to one-fourth of the total capital in the new partnership. After revaluation, the capital accounts of the three existing partners total $150,000. The investment for Chao to own one-fourth of the capital of the new partnership is $50,000. What journal entry will be used to record this transaction in the general journal

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