Benson and Orton are partners who share income in the ratio of 1:3 and have...
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Accounting
Benson and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000 respectively. They agree to bring Ramsey into the partnership by having Ramsey directly purchase half of Benson's capital for $25,000. What is Ramsey's capital balance upon admission into the partnership?
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