Prince, Capital..... Robbins, Capital $70,000 60,000
The Prince-Robbins
Prince is allocated 80 percent of all
On January 2, 2018, Jeffrey invests $37,000 cash for a 20 percent interest in the partnership. This transaction is recorded by the
- Prepare the
journal entry to record Jeffrey’s entrance into the partnership on January 2, 2018. - Determine the allocation of income at the end of 2018.
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Robbins, Capital
$70,000
60,000"
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