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In the AD partnership, Allen's capital is P140,000 and Daniel's is P40,000 and they share income in a 3:1 ratio, respectively. They decide to admit
In the AD partnership, Allen's capital is P140,000 and Daniel's is P40,000 and they share income in a 3:1 ratio, respectively. They decide to admit David to the partnership. David directly purchases one-fifth interest by paying Allen P34,000 and Daniel P10,000. The land account is increased before David is admitted. By what amount is the land account increased?
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