1 A partnership has the following account balances: Cash, $50,000, Other Assets. $600,000; Liabilities, $240,000: Nixon, Capital (50 percent of profits and losses), $200,000; Hoover, Capital (20 percent). $120,000; and Polk, Capital (30 percent). $90,000. Each of the following questions should be viewed as an independent situation a. Grant Invests $80.000 in the partnership for an 18 percent capital interest. Goodwill is to be recognized. What are the capital accounts thereafter? b. Grant invests $100,000 in the partnership to get a 20 percent capital balance. Goodwill is not to be recorded. What are the capital accounts thereafter? clock Print Herences a Nixon Hoover Polk Nixon Hoover |Polk Grant