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Business, 21.12.2019 04:31 Sumysumy

Assume the existing capital of a partnership is $100,000. two partners currently own the partnership and split profits 40/60. a new partner is to be admitted and will contribute net assets with a fair value of $50,000. an appraisal of existing partnership assets indicates accounts receivable overstated by $10,000, inventory overstated by $12,000 and land understated by $25,000. what is the total capital of the new partnership if the bonus method is being used?

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Assume the existing capital of a partnership is $100,000. two partners currently own the partnership...
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