Floyd and Merriam start a partnership business on June 12, 2025. Their capital account balances as of December 31, 2026 stood as follows: Floyd Merriam Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for one-half share in the capital in exchange for land with a market value of $69,000. Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? O Floyd, Capital 69,000 Ramelow, Capital O Land Merriam, Capital Floyd, Capital Ramelow, Capital O Merriam, Capital Floyd, Capital Ramelow, Capital O Land $54,000 19,000 Ramelow, Capital 69,000 1,000 1,000 34,500 34,500 69,000 69,000 71,000 69,000 69,000
Floyd and Merriam start a partnership business on June 12, 2025. Their capital account balances as of December 31, 2026 stood as follows: Floyd Merriam Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for one-half share in the capital in exchange for land with a market value of $69,000. Which of the following is the correct journal entry to record the introduction of Ramelow as a partner? O Floyd, Capital 69,000 Ramelow, Capital O Land Merriam, Capital Floyd, Capital Ramelow, Capital O Merriam, Capital Floyd, Capital Ramelow, Capital O Land $54,000 19,000 Ramelow, Capital 69,000 1,000 1,000 34,500 34,500 69,000 69,000 71,000 69,000 69,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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18. Help me selecting the right answer. Thank you
Transcribed Image Text:Floyd and Merriam start a partnership business on June 12, 2025. Their capital account balances as of December 31, 2026 stood as follows:
Floyd
Merriam
$54,000
19,000
Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for
one-half share in the capital in exchange for land with a market value of $69,000. Which of the following is the correct journal entry to record
the introduction of Ramelow as a partner?
Floyd, Capital
69,000
Ramelow, Capital
Land
Merriam, Capital
Floyd, Capital
Ramelow, Capital
Merriam, Capital
Floyd, Capital
Ramelow, Capital
Land
Ramelow, Capital
69,000
1,000
1,000
34,500
34,500
69,000
69,000
71,000
69,000
69,000
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