Prepare a journal entry to record Jeffrey's entrance into the partnership on January 2, 2018 Deermine the allocation of income at the end of 2018.
The Prince Robbins
Prince is allocated 80% of all
On January 2, 2018 Jeffrey invests $37,000 in cash for a 20% interest in the partnership. this is recorded
In 2018 the partnership reports a net income of $15,000
Prepare a
Deermine the allocation of income at the end of 2018.
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