In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat, who share income in the ratio of 6:3:1 are; Mary $ 278,400, Gene $139,200 and Pat $46,400.
Required:
If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest?
Answers: 2
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Answers: 3
In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat...
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