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Find what are the individual capital balance

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Reference no: EM132594253

Cash and current assets - $66,000

Land - 396,000

Building and equipment (net) - 220,000

Totals = $682,000

Liabilities - $88,000

L, capital - 44,000

M, capital - 88,000

N, capital - 198,000

O, capital - 264,000

Totals = $682,000

Question 1: P contributes $92,400 in cash to the business to receive a 20 percent interest in the partnership. Goodwill is to be recorded. The four original partners share all profits and losses equally. After P makes this investment, what are the individual capital balances?

Reference no: EM132594253

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