(Answered) Charles shivers and gong zhao are partners who share in the

Accounting

Charles Shivers and Gong Zhao are partners who share in the income equally and have capital balances of $120,000 and $62,500, respectively. Shivers, with the consent of Zhao, sells one-third of his interest to Theresa Pepin. What entry is required by the partnership if the sales price is

(a) $30,000?
(b) $50,000?

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