=+EX 12-10 Admitting new partners obj. 3 The public accounting firm of Grant Thornton LLP disclosed U.S. revenues of $940 million for a recent year. The revenues were attributable to 489 active partners.

a. What was the average revenue per partner? Round to the nearest $1,000.

b. Assuming that the total partners’ capital is $195,600,000 and that it approximates the fair market value of the firm’s net assets, what would be considered a minimum contribution for admitting a new partner to the firm, assuming no bonus is paid to the new partner? Round to the nearest $1,000.