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Change of partners Assume that Partners A and B each report a Capital Account of...

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Accounting

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Change of partners Assume that Partners A and B each report a Capital Account of 5525,000. Partner A wans to retire and sell her partnership interest to Partner C for $700,000. Partner B agrees to the sale and admission of Partner C into the partnership at an equal ownership percentage. Record the journal entry on the books of the partnership to reflect the admission of Partner C using both the Bonus Method and the Goodwill Method. Bonus Method: General Journal Description Debit Credit Goodwill Method: General journal Description Debit Credit Partner Capital To record implint Goadw

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