Jordan,Kyle,and Noah Have Equities in a Partnership of $100,000,$160,000,and $140,000,respectively,and

question 90

Essay

Jordan,Kyle,and Noah have equities in a partnership of $100,000,$160,000,and $140,000,respectively,and share income in a ratio of 5:3:2,respectively.The partners have agreed to admit Billy to the partnership.Prepare entries in journal form without explanations to record the admission of Billy to the partnership under each of the following assumptions:
a.Billy invests $80,000 for a 25 percent interest,and a bonus is recorded for Billy.
b.Billy invests $160,000 for a one-fifth interest,and a bonus is recorded for the old partners.

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Definitions:

Longhouse

A type of long, proportionately narrow, single-room building traditionally built by peoples of the indigenous tribes in North America.

Cultural Practices

Refers to the shared ways of life, including traditions, languages, rituals, and customs, that characterize a particular society or group.

Agricultural Practices

Methods and techniques used in farming and livestock raising to increase productivity and sustainability, including crop rotation, irrigation, and use of fertilizers.

Epic of Deganawidah

A traditional Iroquois story that recounts the founding of the Iroquois Confederacy by the legendary figures Deganawidah and Hiawatha.