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Given that Jeter is being admitted as an equal partner for $3,000,000 cash contribution, and the four other partners were previously equal partners as well,

Given that Jeter is being admitted as an equal partner for $3,000,000 cash contribution, and the four other partners were previously equal partners as well, can you tell me if I did this revaluation correctly?

Assets Beginning Book-up Admittance Activity Ending
Cash 250,000 3,000,000 3,250,000
Building 5,000,000 12,165,823 17,165,823
Acc. Depreciation (1,265,823) (538,983) (1,804,806)
Land 1,000,000 1,000,000
Other Assets 50,000 50,000
TOTAL ASSETS $ 5,034,177 19,661,017
-
Liabilities -
Bank Loan (5,200,000) (5,200,000)
TOTAL LIABILITIES (5,200,000) (5,200,000)
-
Equity -
-
Ruth Contributions (450,000) (450,000)
Ruth Distributions 500,000 500,000
Ruth Income Allocation (8,544) (8,544)
EQUITY RUTH 41,456 (3,041,456) 107,797 (2,892,203)
-
DiMaggio Contributions (450,000) (450,000)
DiMaggio Distributions 500,000 500,000
DiMaggio Income Allocation (8,544) (8,544)
EQUITY DIMAGGIO 41,456 (3,041,456) 107,797 (2,892,203)
-
Jackson Contributions (450,000) (450,000)
Jackson Distributions 500,000 500,000
Jackson Income Allocation (8,544) (8,544)
EQUITY JACKSON 41,456 (3,041,456) 107,797 (2,892,203)
-
Berra Contributions (450,000) (450,000)
Berra Distributions 500,000 500,000
Berra Income Allocation (8,545) (8,545)
EQUITY BERRA 41,455 (3,041,455) 107,797 (2,892,203)
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Jeter Contributions - (3,000,000) (3,000,000)
Jeter Distributions - -
Jeter Income Allocation - -
EQUITY JETER - 107,797 (2,892,203)
-
TOTAL EQUITY 165,823 (14,461,017)
-
TOTAL LIABILITIES & EQUITY $ (5,034,177) $(19,661,017)

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