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A summary balance sheet for the McCune, Nall and Oakley partnership appears below. McCune, Nall and Oakley share profits and losses in a ratio of 2:3:5, respectively.
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, Nall and Oakley increases, respectively, due tothe revaluation of the assets and the recognition of goodwill?

Accounting Basics, Accounting

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  • Reference No.:- M948645

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