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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) | |
- | |||||
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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