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72. Reed, Sharp, and Tucker were partners with capital account balances of $80,000, $100,000, and $70,000,

respectively. They agreed to admit Upton to the partnership. Upton purchased 30% of each partner's interest, with payments directly to Reed, Sharp, and Tucker of $32,000, $40,000, and $28,000, respectively. Before the admission of Upton, the profit and loss sharing ratio was 2:3:2. The partners agreed to use the bonus method to account for the admission of Upton to the partnership. Required: Prepare the journal entry to record the admission of Upton to the partnership. Answer: Land 15000 Goodwill 39000 Howell, Capital 24000 Madrid, capital 18000 Waldrop, capital 12000 Howell, capital 84000 Cash 84000 Hi tutor, Can you work me through the process of how to get the answers? I don't know how to calcutate the answer out

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