ABC Partnership had three partners, whose capital balances at June 30 were as follows: Allan...
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Accounting
ABC Partnership had three partners, whose capital balances at June 30 were as follows: Allan $50,000, Bart $35,000 and Charles $22,000. The profit-sharing ratio is 6:4:2 (Allan, Bart, Charles). On July 1, Dickson was admitted to the partnership (now renamed ABCD Partners) with a 25% equity share by investing $30,000. REQUIRED: Journalize the admission of Dickson.
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