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Question: Carney and Lovey are partners who share income equally. Total partnership capital is $90.000. Taylor is to be admitted as a new partner, inventing $30,000 in the partnership and receiving a 20 percent interest in capital and income.

Required: a. Record Taylor's admission using the bonus approach.

b. Record Taylor's admission using the goodwill approach.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92572357

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