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After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $84,000 and

After the tangible assets have been adjusted to current market prices, the capital accounts of Brad Paulson and Drew Webster have balances of $84,000 and $126,000, respectively. Austin Neel is to be admitted to the partnership, contributing $56,000 cash to the partnership, for which he is to recieve an ownership equity of $73,000. All partners share equally in income.

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