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On January 1, 2020 Barry is admitted to the partnership with a 25% interest. Barry...

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Question

Accounting

On January 1, 2020 Barry is admitted to the partnership with a 25% interest.

Barry will pay $50,000 to the partnership.

Required:

1. Prepare the appropriate journal entry to admit Barry.

2. If goodwill is to be debited to the partnership, show your calculation of

how you arrived at the amount of goodwill in your journal entry.

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