(Answered) 1lia wu and becca sims are partners who share in the income

Accounting

1.Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $150,000 and $62,500, respectively. Wu, with the consent of Sims, sells onethird of her interest to Kara Oliver. What entry is required by the partnership if the sales price is:

(a) $40,000?

(b) $60,000?

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