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29 The partners of Apple, Bere, and Carroll LLP share net income and losses in a 5.3.2 ratio, respectively. The capital account balances on January
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The partners of Apple, Bere, and Carroll LLP share net income and losses in a 5.3.2 ratio, respectively. The capital account balances on January 1, 2021 were as follows: Apple, capital Bere, capital Carroll, capital Total partners' capital $ 25,000 75,000 50,000 $150,000 The carrying amounts of the assets and liabilities of the partnership are the same as their current fair values. Dort will be admitted to the partnership with a 20% capital interest and a 20% share of net income and losses in exchange for a cash investment. The amount of cash that Dorr should invest in the partnership is Multiple Choice $25.000 $75.000 $37.500 Savo & Exit a 20% capital Interest and a 20% share of net income and losses in exchange for a cash investment. The amount of cash that Dorr should invest in the partnership is Multiple Choice $25,000 $75,000 $37,500 $90,000 $30,000 Step by Step Solution
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