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Assume the following information just prior to the admission of new partner I:
Required: Prepare journal entries to record the following unrelated scenarios:
- New partner I purchases partners G’s partnership interest for $40,000.
- New partner I receives a cash bonus of $2,000 and a one-tenth ownership share, allocated equally from the partnership interests of G and H.
- New partner I contributes land with a fair value of $100,000. Relative ownership interests after this transaction are:
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