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Question - Partnership has assets of $210,000 and liabilities of $65,000.
Partner A
Partner B
Partner C
Profit & Loss Percentage
50%
30%
20%
Capital Balance
$70,000
$30,000
$15,000
Assume the above recognized assets are understated by $25,000 and new Partner D conveys assets with a fair market value of $70,000 to the partnership in exchange for a 30% interest in capital and a 25% interest in profits.
Required - What would Partner A capital balance be after the transaction, assuming use of the bonus method.
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