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What are the individual capital balances

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Following is the current balance sheet for a local partnership of attorneys:

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 $79,200 in cash to the business to receive a 10 percent interest in the partnership. Goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: L, 30 percent; M, 10 percent; N, 40 percent; and O, 20 percent. After P makes this investment, what are the individual capital balances?

Reference no: EM132594239

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