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  3. e 19-4b (lo5) 2. capital bal.: rhodes, 560,000

E 19-4B (LO5) 2. Capital bal.: Rhodes, 560,000 ; ...

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Accounting

E 19-4B
(LO5)
2. Capital bal.: Rhodes, 560,000 ;
Blair, $32,000
ADMITTING NEW PARTNERS Maria Rhodes and Craig Blair, who have ending capi-
tal balances of $90,000 and $40,000, respectively, agree to admit two new partners
to their business on September 1,20--. Lori Kinder will buy one-third of Rhodes's
capital interest for $40,000 and one-fifth of Blair's capital interest for $12,000. Pay-
ments will be made directly to the partners. Todd Gilbert will invest $30,000 in the
business for which he will receive a $30,000 capital interest.
Prepare general journal entries showing the transactions admitting Kinder and
Gilbert to the partnership.
Calculate the ending capital balances of all four partners after the transactions.
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