Maurice Tutor

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Teaching Since: May 2017
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

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  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 13 Jul 2017 My Price 3.00

J. Taylor and K. Garcia

J. Taylor and K. Garcia are partners in Green Earth Consultants. Taylor and Garcia share income equally. L. Harris will be admitted to the partnership. Prior to the admission, equipment was revalued downward by $8,000. The capital balances of each partner are $100,000 and $139,000, respectively, prior to the revaluation.
(a) Provide the journal entry for the asset revaluation.
(b) Provide the journal entry for Harris’s admission under the following independent situations:
1. Harris purchased a 20% interest for $50,000.
2. Harris purchased a 30% interest for $125,000.

Answers

Maurice Tutor
(5)
Status NEW Posted 13 Jul 2017 07:07 AM My Price 3.00

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