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A summary balance sheet for the McCune, Nall and Oakley partnership appears below. McCune, Nall and Oakley share profits and losses in a ratio of
A summary balance sheet for the McCune, Nall and Oakley partnership appears below. McCune, Nall and Oakley share profits and losses in a ratio of 2:3:5, respectively. Cash 50000 Inventory 62500 Marketable Receivable 100000 Land 50000 Building-net 250000 McCune Capital 212500 Nall, Capital 200000 Oakley, Capital 100000 By how much will the capital accounts of McCune, Nall and Oakley increases, respectively, due tothe revaluation of the assets and the recognition of goodwill
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