If a company is eliminating certain models of a product and cutting back on expenditures,the product is most likely in the _____ stage of the product life cycle.
A) growth B) intermediate C) introductory D) decline E) maturity
Conley and Liu allow Lepley to purchase a 25% interest in their partnership for $50,000 cash. Conley and Liu both have capital balances of $55,000 each, and have agreed to share income and loss equally. Prepare the journal entry to record the admission of Lepley to the partnership.