Edgar and Hawk have partner capital balances of $257,000 and $223,000, respectively. Edgar receives 70% of profits

Question:

Edgar and Hawk have partner capital balances of $257,000 and $223,000, respectively. Edgar receives 70% of profits and losses, and Hawk receives 30%. Assume Price contributes$120,000 to acquire a 25% interest in the new of Edgar, Hawk, and Price.
Requirements
1. Calculate Price's capital in the new Journalize the partnership's receipt of cash from Price.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...