The partnership of Ned, Fred, and Ted had total capital of $1,140,000 on December 31, 2017, as follows: Profit and loss sharing percentages are shown in parentheses. Assume that Ed became a partner by investing $300,000 in the Ned, Fred, and Ted partnership for a 25 percent interest in the capital and profits, and the partnership assets are revalued. Under this assumption:

Question

The partnership of Ned, Fred, and Ted had total capital of $1,140,000 on December 31, 2017, as follows:  Profit and loss sharing percentages are shown in parentheses. Assume that Ed became a partner by investing $300,000 in the Ned, Fred, and Ted partnership for a 25 percent interest in the capital and profits, and the partnership assets are revalued. Under this assumption:

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The Answer of The partnership of Ned, Fred, and Ted had total capital of $1,140,000 on December 31, 2017, as follows:  Profit and loss sharing percentages are shown in parentheses. Assume that Ed became a partner by investing $300,000 in the Ned, Fred, and Ted partnership for a 25 percent interest in the capital and profits, and the partnership assets are revalued. Under this assumption:

The Partnership of Ned, Fred, and Ted Had Total Capital