RECOMMENDED!!The Sam and Kyle Partnership has partner

  

The Sam and Kyle Partnership has partner capital account balances as follows: Sam, Capital $350,000 Kyle, Capital 450,000The partners share income and losses in the ratio of 70% to Sam and 30% to Kyle.InstructionsPrepare the journal entry on the books of the partnership to record the admission of Liam as a new partner under the two independent circumstances.1. Liam pays $200,000 to Sam and $250,000 to Kyle for one-half of each of their ownership interest in a personal transaction.2. Liam invests $700,000 in the partnership for a one-third interest in partnership capital.

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