E12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane 30,000. The partners share income equally. On October 1 of the current year, when she invests 45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis- On of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45% terest in the partnership?
E12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane 30,000. The partners share income equally. On October 1 of the current year, when she invests 45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis- On of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45% terest in the partnership?
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 2BCRQ
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Transcribed Image Text:BE12-10 In the EZ Co., the capital balances of the partners are J. Edie $40,000 and K. Zane R
$30,000. The partners share income equally. On October 1 of the current year, when she invests
$45,000 cash, J. Kerns is admitted to the partnership with a 45% interest. (a) Journalize the admis-
sion of Kerns on October 1. (b) What would the journal entry be if Kerns had paid $70,000 for a 45%
(S
interest in the partnership?
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