The following balance sheet information is for the partnership of Abele, Boule, and Cayman:
|
Cash
|
mce_markernbsp; 210,000
|
Liabilities
|
mce_markernbsp; 510,000
|
|
Other assets
|
1,500,000
|
Abele, Capital (40%)
|
300,000
|
|
|
|
Boule, Capital (40%)
|
480,000
|
|
|
|
Cayman, Capital (20%)
|
420,000
|
|
|
$1,710,000
|
|
$1,710,000
|
Figures shown parenthetically reflect agreed profit and loss sharing percentages.
If the assets are fairly valued on the above balance sheet and the partnership wishes to admit Dann as a new 1/5 partner without recording goodwill or bonus, Dann should invest cash or other assets of