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1. When the newly admitted partner contributes goodwill, the value of that goodwill will be estimated based on the fair value of the ________ partnership
1. When the newly admitted partner contributes goodwill, the value of that goodwill will be estimated based on the fair value of the ________ partnership and the percentage of the original partners interest in the ________ partnerships capital.
a. original, new
b. original, original
2. A schedule of safe payments is prepared under the assumption that ________.
a. any remaining non-cash assets are worthless.
b. partners who have deficit capital balances will only be able to partially settle their deficits.
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