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Problem 1: KG, PAUL, and RAY decided to engage in a real estate venture as a partnership. KG invested P 140,000 cash and PAUL provided an office and furnishings valued at P 220,000. (There is a P 60,000 note payable remaining on the furnishings to be assumed by the partnership). Although RAY has no tangible assets to invest, both KG and PAUL believe that RAY's expert salesmanship provides an adequate investment. The partners agree to receive an equal capital interest in the partnership. Using the bonus method, what is the capital balance of RAY?
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assuming warranty costs are expected to equal 7% of sales of the new product
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Solve the net balance that will be reported for the bonds on the September? 30, 2018 balance sheet.? (Round intermediate answers to the nearest? dollar)
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