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Kramer and Jones allow Sanders to purchase a 25% interest in their partnership for $50,000...

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Accounting

Kramer and Jones allow Sanders to purchase a 25% interest in their partnership for $50,000 cash. Kramer and Jones both have capital balances of $55,000 each, and have agreed to share income and loss equally. Prepare the journal entry to record the admission of Sanders to the partnership.

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