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General Accounting Discussions: Can someone please help me with this?

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    • CommentAuthorcarol710
    • CommentTimeAug 3rd 2007 edited
     
    At April 30, partners' capital balances in DLM Company are: Donatello $49,000, Leonardo $28,000, and Michaelangelo $20,000.The income-sharing ratios are 5:3:2, respectively. On May 1, the DLMR Company is formed by admitting Rafael to the firm as a partner.

    (b) Michaelangelo's capital balance is $24,000 after admitting Rafael to the partnership by investment. If Michaelangelo's ownership interest is 15% of total partnership capital, what were (1) Rafael's cash investment and (2) the total bonus to the old partners?

    (1) Cash Investment by Rafael $
    (2) Total bonus to old partners

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