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Caine, a new partner in the ABC Partnership, has invested $12,000 for a one-third interest in a partnership with capital of $21,000 before Caine's admission.

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Caine, a new partner in the ABC Partnership, has invested $12,000 for a one-third interest in a partnership with capital of $21,000 before Caine's admission. What is the ABC Partnership's implied fair value? If the partners agree to recognize goodwill for the difference between the book value and fair value, present the entries the ABC Partnership should make upon Caine's admission

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