8. The following condensed balance sheet is presented for the partnership of Jim, Bill, and Fred who share profits and losses in the ratio of 4:3:3, respectively: Cash Other assets Jim, receivable $ 180,000 1,940,000 60,000 $ 2,180,000 Accounts payable Bill, loan Jim, capital Bill, capital Fred, capital $ 480,000 80,000 720,000 440,000 $2,180,000 Assume that the assets and liabilities are fairly valued on the balance sheet and that the artnership decides to admit Tom as a new partner, with a 25% interest. No goodwill or bonus is to be recorded. How much should Tom contribute in cash or other assets