Ivans capital account was credited for 120000 the partners

Reference no: EM13596811

Ivan's Capital account was credited for $120,000. The partners agreed further that the current fair values of the net assets of Gee and Hawe LLP were equal to their carrying amounts and that the accounting records of the old partnership should be used for the new partnership. The partner-remuneration plan was adopted for the new partnership.

Reference no: EM13596811

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