The partnership of Gilligan, Skipper, and Ginger had total capital of $570,000 on December 31, 2017...

 

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The partnership of Gilligan, Skipper, and Ginger had total capital of $570,000 on December 31, 2017 as follows: Profit and loss sharing percentages are shown in parentheses. The partnership has no liabilities. If Mary Ann purchases a 25 percent interest from each of the old partners for a total payment of $270,000 directly to the old partners Gilligan, Capital (30%) Skipper, Capital (45%) Ginger, Capital (25%) Total $180,000 255,000 135,000 $570.000 Minimized View total partnership net assets can logically be revalued to $1.080,000 on the basis the price paid by Mary Ann. B. the payment of Mary Ann does not constitute a basis for revaluation of partnersh net assets because the capital and income interests of the old partnership were not aligned. O C. total capital of the new partnership should be $760,000. D. total capital of the new partnership will be $840,000 assuming no revaluation. adcloud Saten The partnership of Gilligan, Skipper, and Ginger had total capital of $570,000 on December 31, 2017 as follows: Profit and loss sharing percentages are shown in parentheses. The partnership has no liabilities. If Mary Ann purchases a 25 percent interest from each of the old partners for a total payment of $270,000 directly to the old partners Gilligan, Capital (30%) Skipper, Capital (45%) Ginger, Capital (25%) Total $180,000 255,000 135,000 $570.000 Minimized View total partnership net assets can logically be revalued to $1.080,000 on the basis the price paid by Mary Ann. B. the payment of Mary Ann does not constitute a basis for revaluation of partnersh net assets because the capital and income interests of the old partnership were not aligned. O C. total capital of the new partnership should be $760,000. D. total capital of the new partnership will be $840,000 assuming no revaluation. adcloud Saten

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Required solution Answer Option A is Correct Partnership ... View the full answer