Solution-How much should Jeter invest for the percent share

How much should Jeter invest for the percent share

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Reference no: EM132784459

Question - Admission of New Partner - Following is the condensed balance sheet of Martinez, O'Neill and Clemens, partners who share profits or losses in the ratio of 2 : 3 : 5.

Cash $57,600

Liabilities $240,000

Other assets 902,400

Capital - Martinez 129,600

Capital - O'Neill 211,200

Capital - Clemens 379,200

Total assets $960,000

Total liabilities and capital $960,000

Required - Assume that the partnership's assets and liabilities are fairly valued as shown. The partners wish to admit Jeter as a partner with a 30 percent interest in capital, profits, and losses. They require Jeter to invest an amount such that bonus or goodwill adjustments are not needed. How much should Jeter invest for the 30 percent share?

Reference no: EM132784459

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How much should Jeter invest for the percent share

Reference no: EM132784459

Reference no: EM132784459

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