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Compute the capital of marigold after admission of carnation

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Marigold and Magnolia are partners with capital balances of $120,000 and $40,000, respectively. Profits and losses are divided in the ratio of 3:2. Marigold and Magnolia decided to form a new partnership with Carnation, who invested land valued at $30,000 for a 20% capital interest in the new partnership. Carnation's cost of the land was $24,000. The partnership used the bonus method to record the admission of Carnation into the partnership.

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Question 1: Compute the capital of Marigold after admission of Carnation.

Reference no: EM132815148

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