Huey paid a total of $50,000 directly to the other two partners (not the partnership)...
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Huey paid a total of $50,000 directly to the other two partners (not the partnership) in order to acquire 10% of their interest in the partnership. Each partner received $25,000 directly from Huey. Before the admission of Huey, Dewey and Louie had capital balances of $110,000 and $90,000, respectively. They shared profit and loss: 60% to Dewey and 40% to Louie. Assume the bonus method is used. What is/are the journal entry (ies) for the admission of Huey. stion 1 A BIF T: E % ! Account Debit Credit
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