(SOLVED) Hanson Mahoney and Longval a partnership is considering admitting Kellan


Question Description:

$19

Hanson, Mahoney, and Longval, a partnership, is considering admitting Kellan Young as a new partner. On July 31, 2016, the capital accounts of the three existing partners and their profit-and-loss-sharing ratio is as follows:
Requirements
Journalize the admission of Young as a partner on July 31 for each of the following independent situations:
1. Young pays Longval $168,000 cash to purchase Longval’s interest.
2. Young contributes $84,000 to the partnership, acquiring a 1/4 interest in the business.
3. Young contributes $84,000 to the partnership, acquiring a 1/6 interest in the business.
4. Young contributes $84,000 to the partnership, acquiring a 1/3 interest in the business.

Answer

$19