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  3. the following balance sheet information is for the

The following balance sheet information is for the partnership of Axe, Barr, and Cole: ...

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Accounting

The following balance sheet information is for the partnership of Axe, Barr, and Cole:

Cash $ 210,000 Liabilities $ 510,000

Other assets 1,500,000

Total 1710000

Axe, Capital (40%) 300,000

Barr, Capital (40%) 480,000

Cole, Capital (20%) 420,000

Total $1,710,000

Figures shown parenthetically reflect agreed profit and loss sharing percentages.

If the assets are fairly valued on the above balance sheet and the partnership wishes to admit Dent as a new 1/5 partner without recording goodwill or bonus, Dent should invest cash or other assets of

a. $427,500.

b. $240,000.

c. $300,000.

d. $342,000.

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