The assets and liabilities are recorded and presented at their respective fair values. Jon is to be admitted as a new partner with a 20 percent capital interest and a 20 percent share of profits and losses in exchange for a cash contribution. No goodwill or bonus is to be recorded. How much cash should Jon contribute?

a $60,000 b $72,000 c $75,000 d $80,000 Partnerships—Formation, Operations, and Changes in Ownership Interests 557