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How much should c invest in the partnership

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The statement of financial position of AB Partnership shows the following information as of July 1, 20x1:

Cash 48,000

Receivable from A 32,000

Equipment 1,560,000

Totals 1,640,000

Payable to B 40,000

A, Capital (40%) 600,000

B, Capital (60%) 1,000,000

Totals 1,640,000

Problem 1: On July 1, 20x1, the partners decide to admit C as a new partner with a 20% interest. The net assets of the firm as of this date approximate their fair values. If no bonus shall be allowed, how much should C invest in the partnership?

Reference no: EM132755253

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