exter Thomas and Herman Walker, attorneys, operate a law practice. They would like to expand the expertise of the anticipation of this, they have agreed to admit Jewell Lorenzo to the partnership on January 1, 20X1. The capital acco January 1, 20X1, after revaluation of assets, are Thomas, $179,000, and Walker, $139,000. Net income or net loss is sh Required: Prepare the entries in general journal form to record the admission of Lorenzo to the partnership on January 1, 20X1, un following independent conditions: 1. Thomas sells one-half of his interest in the partnership to Lorenzo for $127,000 cash. 2. Thomas sells one-half of his interest in the partnership to Lorenzo for $83,000 cash. 3. Lorenzo invests $119,000 in the business for a 25 percent interest in the partnership. 4. Lorenzo invests $123,000 in the business for a 30 percent interest in the partnership. Analyze: Assume that Lorenzo in

exter Thomas and Herman Walker, attorneys, operate a law practice. They would like to expand the expertise of the anticipation of this, they have agreed to admit Jewell Lorenzo to the partnership on January 1, 20X1. The capital acco January 1, 20X1, after revaluation of assets, are Thomas, $179,000, and Walker, $139,000. Net income or net loss is sh Required: Prepare the entries in general journal form to record the admission of Lorenzo to the partnership on January 1, 20X1, un following independent conditions: 1. Thomas sells one-half of his interest in the partnership to Lorenzo for $127,000 cash. 2. Thomas sells one-half of his interest in the partnership to Lorenzo for $83,000 cash. 3. Lorenzo invests $119,000 in the business for a 25 percent interest in the partnership. 4. Lorenzo invests $123,000 in the business for a 30 percent interest in the partnership. Analyze: Assume that Lorenzo in

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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