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 partnership has the following capital balance on January 1, 2018 Prince capital $70,000 Robbins capital 60,000
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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