Question
The ABCD Partnership has the following balance sheet at January 1, 2013, prior to the admission of new partner, Eden. Cash and current assets $
The ABCD Partnership has the following balance sheet at January 1, 2013, prior to the admission of new partner, Eden.
Cash and current assets | $ 39,000 | Liabilities | $ 52,000 | |
Land | 40,000 | Adams, Capital | 26,000 | |
Building and equipment | 89,000 | Barnes, Capital | 32,000 | |
Cordas, Capital | 17,000 | |||
Davis, Capital | 41,000 | |||
Total | $168,000 | Total | $168,000 |
Eden contributed $30,000 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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