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Wallace and Simpson formed a partnership with Wallace contributing $86,000 and Simpson contributing $66,000. Their...

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Accounting

Wallace and Simpson formed a partnership with Wallace contributing $86,000 and Simpson contributing $66,000. Their partnership agreement calls for the income (loss) division to be based on the ratio of capital investments. Wallace sold one-half of his partnership interest to Prince for $73,000 when his capital balance was $94,000. The partnership would record the admission of Prince into the partnership as

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