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The ABCD Partnership has the following balance sheet at January 1, 2017, prior to the admission of new partner, Eden. Cash and current assets $
The ABCD Partnership has the following balance sheet at January 1, 2017, 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 acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. Goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: Adams, 15%; Barnes, 35%; Cordas, 30%; and Davis, 20%. After Eden made his investment, what were the individual capital balances?
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