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Cord and Stringer are partners who share profits and losses in the ratio of 3:2,...

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Accounting

Cord and Stringer are partners who share profits and losses in the ratio of 3:2, respectively.
On August 31, 2017, their capital accounts are as follows:
Cord $70,000
Stringer $60,000
$130,000
On that date, they agreed to admit Twiner as a partner with a one-third interest in the capital
and profits and losses, for an investment of $50,000.
Required: Preapre the entry or entries to record the admission of Twiner, using the bonus
method.

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