the cab partnership although operating profitably has had a cash flow problem unable to meet its current commitment

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Required:
A. Prepare the necessary journal entries on the books of the old partnership to adjust the accounts.
B. Record the admission of Meyers. is to be 30:20:30:20. Meyers is to receive a 25% capital interest in the partnership after she invests sufficient cash to increase the total capital interest to $150,000. Because
C. Prepare a new balance sheet giving effect to the foregoing requirements.

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