Question: Please answer with solution After the cash adjustment in capitals what would be the cash balance of 1 point the partnership? Joe and Biden are

Please answer with solution

After the cash adjustment in capitals what would be the cash balance of 1 point the partnership? Joe and Biden are combining their businesses to form a partnership, the non-cash assets to be contributed and the liabilities assumed are: JOE BIDEN Carrying Value Fair Value Carrying Value Fair Value A/R, net 100,000.00 80,000.00 200,000.00 180,000.00 Inventory 400,000.00 480,000.00 320,000.00 300,000.00 Building & Equipment, (net of P200,000 Accumulated Depreciation) 800,000.00 1,400,000.00 Accounts Payable 560,000.00 560,000.00 80,000.00 80,000.00 Joe and Biden are to contribute or withdraw cash to bring their respective capital balances to P1,200,000.00 each. Your

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