A partnership has the following account balances cash 50000, Ask an Expert

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A partnership has the following account balances: Cash $50,000; Other Assets $600,000; Liabilities $240,000; Nixon, Capital (50% of profits and losses) $200,000; Hoover, Capital (20%) $120,000; and Polk, Capital (30%) $90,000. Each of the following questions should be viewed as an independent situation:

a. Grant invests $80,000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter?

b. Grant invests $100,000 in the partnership to get a 20 percent capital balance. Goodwill is not to be recorded. What are the capital accounts thereafter?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M91947525

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