Capital balances in the MEM partnership are Mary, Capital $60,000; Ellen, Capital $50,000; and Mills, Capital $40,000,
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Capital balances in the MEM partnership are Mary, Capital $60,000; Ellen, Capital $50,000; and Mills, Capital $40,000, and income ratios are 5:3:2, respectively. The MEMO partnership is formed by admitting Oleg to the firm with a cash investment of $60,000 for a 25% capital interest. What is the bonus to be credited to Mills, Capital in admitting Oleg ?
Related Book For
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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