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Reed, Sharp, and Tucker were partners with capital account balances of $92,000, $125,000, and $62,200,...

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Accounting

Reed, Sharp, and Tucker were partners with capital account balances of $92,000, $125,000, and $62,200, respectively. They agreed to admit Upton to the partnership. Upton purchased 25% of each partner's interest, with payments directly to Reed, Sharp, and Tucker for $75,000. Before the admission of Upton, the profit and loss sharing ratio was 2:3:2. The partners agreed to use the bonus (or book) method to account for the admission of Upton to the partnership.

Prepare the journal entry to record the admission of Upton to the partnership.

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