. Requirements 1. Calculate Potvin's capital in the new...
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Accounting
.
Requirements
1.
Calculate Potvin's capital in the new partnership.
2.
Journalize the partnership's receipt of the $55,000 from Potvin.
Penn has $93,500 capital and Haymer has $71,500 capital in the Penn & Haymer partnership. Penn and Haymer share profits and losses equally. Ryanne Potvin contributes cash of $55,000 to acquire a 1/4 interest in the new partnership.
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