Question

anson, Mahoney, and Longval, a parmership, is considering admitting Kellan Young as a new parmer. On July 31, 2016, che capical accouncs of the three existing parmers and their profi(-and-loss-sharing ratio is as follows; Learning Objectives 2, 3 2. Clay, Capital $55,000 Partnerships 661 LearningObjective4 4. Longval, Capital $15,400 DR Hanson Mahoney Longval Requirements Capital $ 42,000 84,000 126,000 Profit-and-Loss-Sharing % 20% 25% 55% Journalize che admission of Young as a partner on July 31 for each of the following independent situations: l. Young pays Longval $168,000 cash co purchase Longval's interest. 2. Young conuibutes $84,000 to the parmership, acqu.iring a 1/4 interest in the business. 3. Young contributes $84,000 co the partnership, acqujring a l/6 interest in the business. 4. Young conuibures $84,000 to che parmership, acquiring a 1/3 interest in the business.

Answer 1

ANSWER

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