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The following balance sheet information is for the partnership of Abel, Ball, and Catt: Cash $ 210,000 Liabilities $ 710,000 1,500,000 Other assets 300,000 Abel,
The following balance sheet information is for the partnership of Abel, Ball, and Catt: Cash $ 210,000 Liabilities $ 710,000 1,500,000 Other assets 300,000 Abel, Capital (40%) Ball, Capital (40%) 400,000 Catt, Capital (20%) 300,000 $1,710,000 $1,710.000 Figures shown parenthetically reflect agreed profit and loss sharing percentages. If the assets are fairly valued on the above balance sheet and the partnership wishes to admit Dent as a new 1/4 partner without recording goodwill or bonus. REQUIRED: Dent should invest cash or other assets of what amount
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