A new partner may be admitted to a partnership by: A) contributing assets to the...
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Accounting
A new partner may be admitted to a partnership by:
A) contributing assets to the partnership. B) inheriting a partnership interest. C) purchasing a specific quantity of assets from the partnership. D) a written approval under the federal law.
A and B are partners who share income in the ratio of 1:2 and have capital balances of $40,009 and $83,126 at the time they decide to terminate the partnership. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $79,340. What amount of loss on realization should be allocated to A?
A) $40,009 B) $79,340 C) $26,447 D) $14,598
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