Provide the journal entry as well the answer to the question 1. Laura and Sally are partners who share profits 60% and 4

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Provide The Journal Entry As Well The Answer To The Question 1 Laura And Sally Are Partners Who Share Profits 60 And 4 1 (50.4 KiB) Viewed 13 times

Provide the journal entry as well the answer to the question 1. Laura and Sally are partners who share profits 60% and 40%. Their capital balances were both $60,000 before Karen was admitted to the partnership. Karen paid $70,000 each to Laura and Sally for purchase of a 25% interest in the partnership. After her admission to the partnership, 5 m Karen will have a capital balance of $ 2. Rick, Sam, and Yeshiv are partners who share profits 50 %, 25%, and 25%. Their capital balances were $78,000, $52,000, and $30,000, respectively, before Yeshiv's retirement. Rick and Sam each paid Yeshiv $20,000 from their personal assets to buy half his interest. After Yeshiv has withdrawn, 5 m Rick will have a capital balance of $ 3. Matt, Nick, and Scott are partners who share profits 30%, 30 %, and 40%. Their capital balances were $105,000, $70,000, and $35,000, respectively, before Scott's retirement. Scott was paid $55,000 from partnership assets to buy his interest. After Scott has withdrawn, 5m Matt will have a capital balance of $