Yon Haggerdorf and Sue Lee, who have ending capital balances of $80,000 and $60,000, respectively, agree to admit two new partners to their business on April 1, 20--. Carlos Sanchez will buy 1/4 of Haggerdorf's equity interest for $20,000 and 1/3 of Lee's equity interest for $25,000 directly from the partners. Carmen Della will invest $30,000 in the business for which she is to receive a $30,000 equity interest.Required:
a.Prepare general journal entries showing the above transactions admitting Sanchez and Della to the partnership.b.Calculate the ending capital balances for all four partners after the above transactions.?
GENERAL JOURNAL
Page 1
Date
Description
PostRef.
Debit
Credit
What will be an ideal response?
a.
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