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Adam Alvin is admitted to a partnership. Prior to his admission, the partnership books show Sean Theodore's capital balance at $80,000 and Kelly Simon's capital balance at $48,000. Compute each partner's equity on the books of the new partnership under the following plans: A. Alvin pays $72,000 for Simon's equity. Alvin's payment goes directly to Simon B. Alvin invests $32,000 to acquire a 1/5 interest in the partnership C. Alvin invests $52,000 to acquire a 1/5 interest in the partnership.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9967998

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