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Rich and Poore have partnership capital balances of $ 160,000 and $ 120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $ 140,000. Rich agrees to accept Claudio as a new partner. The partnership entry to record this transaction is * Dr. Poore, Capital 120,000 Cr. Poore, Capital 128,571 Cr. Bonus 11,429 Dr. Cash 140,000 CR. Claudio, Capital 120,000 Cr. Claudio, Capital 140,000 Dr. Cash 20,000 Dr. Poore, Capital 140,000

Rich and Poore have partnership capital balances of $ 160,000 and $ 120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $ 140,000. Rich agrees to accept Claudio as a new partner. The partnership entry to record this transaction is * Dr. Poore, Capital 120,000 Cr. Poore, Capital 128,571 Cr. Bonus 11,429 Dr. Cash 140,000 CR. Claudio, Capital 120,000 Cr. Claudio, Capital 140,000 Dr. Cash 20,000 Dr. Poore, Capital 140,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Rich and Poore have partnership capital balances of $ 160,000 and $ 120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $ 140,000. Rich agrees to accept Claudio as a new partner. The partnership entry to record this transaction is * Dr. Poore, Capital 120,000 Cr. Poore, Capital 128,571 Cr. Bonus 11,429 Dr. Cash 140,000 CR. Claudio, Capital 120,000 Cr. Claudio, Capital 140,000 Dr. Cash 20,000 Dr. Poore, Capital 140,000
Transcribed Image Text:Rich and Poore have partnership capital balances of $ 160,000 and $ 120,000, respectively. Poore negotiates to sell his partnership interest to Claudio for $ 140,000. Rich agrees to accept Claudio as a new partner. The partnership entry to record this transaction is * Dr. Poore, Capital 120,000 Cr. Poore, Capital 128,571 Cr. Bonus 11,429 Dr. Cash 140,000 CR. Claudio, Capital 120,000 Cr. Claudio, Capital 140,000 Dr. Cash 20,000 Dr. Poore, Capital 140,000
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