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Calculate each partner equity on the books

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Accounting Question - Admission of a New Partner

Adam Jones is admitted to a partnership. Prior to his admission, the partnership books show Sean Graham's capital balance at $100,000 and Kelly Ott's capital balance at $60,000. Calculate each partner's equity on the books of the new partnership under the following plans:

1) Jones pays $90,000 for Ott's equity. Jones payment goes directly to Ott.

2) Jones invests $40,000 to acquire a one-fifth interest in the partnership.

3) Jones invests $60,000 to acquire a one-fifth interest in the partnership.

Please could you help me with this question? Thanks.

Reference no: EM131769031

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