A summary balance sheet for the mccune oakley and nall, Ask an Expert

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A summary balance sheet for the McCune, Oakley and Nall partnership appears below. McCune, Nall and Oakley share profits and losses in a ratio of 2:3:5, correspondingly.

Cash 50000
Inventory 62500
Marketable Receivable 100000
Land 50000
Building-net 250000

McCune Capital 212500
Nall, Capital 200000
Oakley, Capital 100000

By how much will the capital accounts of McCune, Oakley and Nall increases, correspondingly, due to the revaluation of the assets and recognition of goodwill?

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Financial Accounting, Accounting

Category:- Financial Accounting
Reference No.:- M9740599

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