ACCOUNTING 418-The following balance sheet information is for the partnership of Abele

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June 7th, 2024

The following balance sheet information is for the partnership of Abele, Boule, and Cayman:Cash$ 210,000Liabilities$ 510,000Other assets1,500,000Abele, Capital (40%)300,000Boule, Capital (40%) 480,000Cayman, Capital (20%)420,000$1,710,000$1,710,000Figures 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 Dann as a new 1/5 partner without recording goodwill or bonus, Dann should invest cash or other assets of

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