Ace and bart will use personal assets to purchase carrs, Ask an Expert

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Ace, Bart, and Carr have partnership account balances of $160,000 each. Income and losses are shared equally. Carr agrees to sell 75% of his ownership interest to Ace for $140,000 and 25% to Bart for $50,000. Ace and Bart will use personal assets to purchase Carr's interest. The partnership's entry to recored Carr's withdrawal from the partnership would be ??

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9401014

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