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S. Pagan and T. Tabor share income on a 7 : 3 basis. They have...

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Accounting

S. Pagan and T. Tabor share income on a 7 : 3 basis. They have capital balances of $120,000 and $70,000, respectively, when W. Wolford is admitted to the partnership. Prepare the journal entry to record the admission of W. Wolford under each of the following assumptions. Collapse question part (a) Investment of $99,000 cash for a 30% ownership interest with bonuses to the existing partners.

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