Determine Craig's initial capital balance if he contributes $60,000 cash and the goodwill method is applied. Richard,
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Determine Craig's initial capital balance if he contributes $60,000 cash and the goodwill method is applied.
Richard, Dave, and Luke have been operating a magazine stand for several years. They share profits and losses equally, and each has a $50,000 capital balance. They decided to admit a new partner, Craig. Craig is to receive a 25% interest in the partnership.
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