CALCULATOR MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION Chapter 15, Test Bank Question 25 The following balance sheet information is for the partnership of Professor, Mary Ann, and Skipper: Cash $ 210,000 abilities $ 510,000 Other assets 1,500,000 Professor, Capital (40%) 300,000 Mary Ann, Capital (40%) 480,000 Skipper, Capital (20%) 420.000 $1,710,000 $1,710,000 Figures shown parenthetically reflect agreed profit and loss sharing percentages. If the assets are fairly valued on the above balance sheet and the partnership wishes to admit Mrs. Howell as a new 1/5 partner without recording goodwill or bon other assets of Mrs. How should invest cash or $240,000 $427,500 $300,000 $342,000