=+EX 12-28 Revenue per employee Problems Series A On June 1, 2009, Kevin Schmidt and David Cohen form a partnership. Schmidt agrees to invest $12,000 cash and merchandise inventory valued at $32,000. Cohen invests certain business assets at valuations agreed upon, transfers business liabilities, and contributes sufficient cash to bring his total capital to $80,000. Details regarding the book values of the business assets and liabilities, and the agreed valuations, follow:

Cohen’s Ledger Agreed-Upon