1. Magnum Partnership had $70,000 net assets before admitting a new partner. It admits a new partner with a contribution of $50,000 for a 30% share in the new partnership. This will result in:

   1. a) A bonus to the new partner of $21,000

   2. b) No bonus to any partners

   3. c) The bonus cannot be determined from the limited information provided

   4. d) A bonus to existing partners of $14,000.