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3. Terry and Jim are partners who share profits 40% and 60%. Before Jack was admitted to the partnership. Terry?s and Jim?s capital balances were

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3. Terry and Jim are partners who share profits 40% and 60%. Before Jack was admitted to the partnership. Terry?s and Jim?s capital balances were $680,000 and $480,000, respectively. Jack contributed $760,000 In cash to the partnership for a one-half interest. After Jack Is admitted to the partnership, Jim Will have a capital balance of $

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