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What amount of cash should barkley contribute

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Problem 1: EWING and BARKLEY form a new partnership. EWING invests P 300,000 in cash for her 60 percent interest in the capital and profits of the business. BARKLEY contributes land that has an original cost of P 40,000 and a fair market value of P 70,000, and a building that has a tax basis of P 50,000 and a fair market value of P 90,000. The building is subject to a P 40,000 mortgage that the partnership will assume. What amount of cash should BARKLEY contribute?

Reference no: EM132835420

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