Ecru and Hadden have partner capital balances of $284,000 and $216,000, respectively. Ecru receives 70%...
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Ecru and Hadden have partner capital balances of $284,000 and $216,000, respectively. Ecru receives 70% of profils and losses, and Hadden receives 30%. Assume Price contributes $120,000 to acquire a 25% interest in the new partnership of Ecru, Hadden, and Price. Requirements 1. Calculate Price's capital in the new partnership. 2. Journalize the partnership's receipt of cash from Price. Requirement 1. Calculate Price's capital in the new partnership. Partnership capital before admission of new partner Contribution of new partner Partnership capital after admission of new partner Capital of new partner Bonus to Requirement 2. Joumalize the partnership's receipt of cash from Price. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit
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