Floyd and Merriam Start a Partnership Business on June 12

question 146

Short Answer

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows: Floyd and Merriam share profits and losses equally. They agreed to dissolve the partnership and start a new one, admitting Ramelow for one-half share in the capital in exchange for land and equipment having a total market value of $72,000. Which of the following is the correct journal entry to record the introduction of Ramelow as a partner?

---

Definitions:

Adds Variety

Introduces diversity and difference, making situations, tasks, or environments more interesting and less monotonous.

Prosocial Motivation

The desire to benefit others or contribute to the greater good through one’s actions and behaviors.

Self-oriented Role

A function or position within a group or team that focuses on personal growth, achievements, and responsibilities rather than collaborative goals.

Craving for Recognition

A strong desire or need to be acknowledged and valued by others for one's achievements or qualities.