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The ABCD Partnership has the following balance sheet at January 1, 2020, prior to the...

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Accounting

The ABCD Partnership has the following balance sheet at January 1, 2020, prior to the admission of new partner, Fredrick.

Cash and current assets

$

39,000

Liabilities

$

52,000

Land

234,000

Abe, capital

26,000

Building and equipment

130,000

Bob, capital

52,000

Carl, capital

117,000

David, capital

156,000

Total

$

403,000

Total

$

403,000

Fredrick contributes $50,000 into the partnership for a 30% interest. The four original partners share profits and losses equally.

Using the bonus method, determine the balances for each of the five partners after Fredrick joins the partnership.

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