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The ABCD Partnership has the following balance sheet at January 1, 2020, prior to the admission of new partner, Eden. Cash and current assets $
The ABCD Partnership has the following balance sheet at January 1, 2020, prior to the admission of new partner, Eden.
Cash and current assets | $ | 39,000 | Liabilities | $ | 52,000 | |
Land | 234,000 | Adams, capital | 26,000 | |||
Building and equipment | 130,000 | Barnes, capital | 52,000 | |||
Cordas, capital | 117,000 | |||||
Davis, capital | 156,000 | |||||
Total | $ | 403,000 | Total | $ | 403,000 | |
Eden contributed $124,000 in cash to the business to receive a 20% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. After Eden made his investment, what were the individual capital balances?
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