Problems stephens adn j perez are partners in space designs, Ask an Expert

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Problem:

S. Stephens adn J. Perez are partners in Space designs. Stephens and Perez share income equally. D Fredrick will be admitted to the partnership. Prior to teh admission, equipment was revalued downward by $18,000. The capital balances of each partner are $100,000 adn $139,000, respectively, prior to the revaluation.

Required:

Question 1: Provide the journal entry for the asset revaluation.

Question 2: Provide the journal entry for Fredricks' admission under the following independent situations:

Fredricks purchased a 25% interest ofr $75,000.
Fredricks purchased a 35% interest for $115,000.

Note: Please provide through step by step calculations.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91164277

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