Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,800 and $30,100, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,800 and $30,100, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?
Chapter20: Corporations And Parterships
Section: Chapter Questions
Problem 33CE
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Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $67,800 and $30,100, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $44,000. For what amount will Abby's capital account be debited to record admission of Sandra to the
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