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Pam and Michael are partners with capital balances of $7,000 and $20,000 and who share...

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Accounting

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Pam and Michael are partners with capital balances of $7,000 and $20,000 and who share in the profit and loss of the Michael Scott Paper Company 40% and 60% respectively, when they agree to admit Ryan for a 10% interest. Ryan contributes $5,000 to the partnership and goodwill method is used. Record the journal entry (ies) for Ryan joining the partnership

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