The following condensed balance sheet is presented for the partnership of John, Jimmy, and Fred...
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Accounting
The following condensed balance sheet is presented for the partnership of John, Jimmy, and Fred who share profits and losses in the ratio of 4:3:3, respectively: 6. Cash Other assets $ 180,000 1940.000 $ 2,120,000 Accounts payable John, capital Jimmy, capital Fred, capital s 580,000 640,000 360,000 4 $2.120,000 Assume that the assets and liabilities are fairly valued on the balance sheet and that the partnership decides to admit Carol as a new partner, with a 25% interest. No goodwill or bonus is to be recorded. How much should Carol contribute in cash or other assets
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