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05-06-2023
Business

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The DELS partnership was formed by combining individual accounting practices on May 10,20×1. The initlal investments were as follows: Required: a. Prepare the journal entry to record the initial Investments using GAAP accounting. (If no entry is required for a transaction/event. select "No journal entry required" in the first account field.) b. Calculate the tax basis of each partner's capital if Delaney, Engstrom, Lahey, and Simon agree to assume equal amounts for the payables.

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