Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm. To Determine: 1. Calculate Partner’s equity on the books of new partnership under conditions given: a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly. b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership. c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership. 2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

Question

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Answer 1

Question

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

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Answer 2

Question

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

Expert Solution & Answer

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Answer 3

Question

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

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Answer 4

Question

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

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Answer 5

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

Answer 6

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

Answer 7

Chapter 12, Problem E12.19E

To determine

Admission of New Partner: Whenever a new partner is admitted in to the partnership the old partnership dissolves and a new partnership begins. A person may enter into partnership by purchasing the old partner’s interest or may enter by investing in the partnership firm.

To Determine:

1. Calculate Partner’s equity on the books of new partnership under conditions given:

a. Hylands pays $100,000 for Nole’s equity and Hylands pays Nole directly.

b. Hylands contributes $90,000 to acquire a ¼ interest in the partnership.

c. Hylands contributes $135,000 to acquire a ¼ interest in the partnership.

2. Journal Entries for admitting the new partner under plans a, b, and c given above as per US GAAP.

Answer 8

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Answer 9

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Answer 10

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Answer 11

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