Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their...
Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debra’s capital is $190,000, Merina’s capital is $152,000, and they share income in a ratio of 3:2, respectively.
e. Wayne directly purchases a 25 percent interest by paying Debra $80,000 and Merina $57,000. The land account is increased before Wayne is admitted. Record the revaluation of land. Record the reclassification of capital for the admission of Wayne.
f. Wayne invests $77,000 for a 20 percent interest in the total capital of $419,000. Record Wayne's investment of $77,000 for the one-fifth interest given that the total capital is $419,000.
g. Wayne invests $118,000 for a 20 percent interest. Goodwill is to be recorded. Record the entry for goodwill. Record the admission of Wayne.
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Debra and Merina sell electronic equipment and supplies through
their partnership. They wish to expand their...
All info is in the question, thank you. Brown and Coss have been operating a tax...
All info is in the question, thank you.
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please answer all parts
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All info is in the question, thank you.
Brown and Coss have been operating a tax accounting service as a partnership for five years. Their current cap- ital balances are $92,000 and $88,000, respectively, and they share profits in a 60:40 ratio. Because of the growth in their tax business, they decide that they need a new partner. Moore is admitted to the partnership, after which the partners agree to share profits 40% to Brown, 35% to Coss, and 25...
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please answer all parts
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