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Joey and Rachel are partners whose capital balances are $450,000 and $350,000 and who share profits 3:2. Due to shortage of cash, Joey and Rachel
Joey and Rachel are partners whose capital balances are $450,000 and $350,000 and who share profits 3:2. Due to shortage of cash, Joey and Rachel agree to admit Ross to the firm. Ross invests $150,000 for a 1/5 interest. Goodwill is to be recorded
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