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Could I get some help with this please On December 31, the capital balances and income ratios in Sandhill Company are as follows. (1) Each
Could I get some help with this please
On December 31, the capital balances and income ratios in Sandhill Company are as follows. (1) Each of the continuing partners agrees to pay $17,400 in cash from personal funds to purchase Posada's ownersh equity. Each receives 50% of Posada's equity. (2) Emig agrees to purchase Posada's ownership interest for $23,400 cash. (3) Posada is paid $39,160 from partnership assets, which includes a bonus to the retiring partner. (4) Posada is paid $25,720 from partnership assets, and bonuses to the remaining partners are recognized. If Emig's capital balance after Posada's withdrawal is $45,750, what were (1) the total bonus to the remaining partners and (2) the cash paid by the partnership to Posada? (1) Total bonus \$ $ (2) Cash paid to Posada \$Step by Step Solution
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