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  3. sawsan and ali invested $500,000 and $200,000 resp

Sawsan and Ali invested $500,000 and $200,000 respectively in a partnership, and they share profits...

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Accounting

Sawsan and Ali invested $500,000 and $200,000 respectively in a partnership, and they share profits and losses equally. At the beginning of 2024 new partner Maryam admitted to the partnership.
Instructions:
Prepare the journal entry to record the admission of Maryam into the partnership under each of the following separate conditions:
1- Maryam acquires a 30% of the total new capital for a $300,000 cash investment.
2. Maryam invests $200,000 for a 25% interest in capital. Implicit goodwill is to be recorded.
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