E 16-1 Initial investments Michelle and Devina are forming a partnership. Both of them agree to have

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E 16-1 Initial investments Michelle and Devina are forming a partnership. Both of them agree to have equal capital interest. Below are the initial investments for the partnership:

550 CHAPTER 16 Michelle

(Cost)

Michelle

(Fair Value)

Devina

(Cost)

Devina

(Fair Value)

Cash $450,000 $450,000 $300,000 $300,000 Land 6,000,000 10,000,000 Truck 7,000,000 6,500,000 Computer 1,500,000 1,300,000 Inventory 200,000 200,000 REQuIRED 1. Calculate the capital balances for Michelle and Devina using the bonus approach.

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