Jessica and Rufus admit Jose as a 25% partner for a contribution of $120, 000 Jessica has capital and a profit /loss ratio of $280, 000 and 70%, respectively. Rufus has capital and a profit/loss ratio of $150, 000 and 30%, respectively. The three parties agree that some of the partnership's investment assets are overvalued. What is the entry to correct this overvaluation? (You do not need to write the entry to admit Jose.) don't use ai answer,i will 5 upvotes

Jessica and Rufus admit Jose as a 25% partner for a contribution of $120, 000 Jessica has capital and a profit /loss ratio of $280, 000 and 70%, respectively. Rufus has capital and a profit/loss ratio of $150, 000 and 30%, respectively. The three parties agree that some of the partnership's investment assets are overvalued. What is the entry to correct this overvaluation? (You do not need to write the entry to admit Jose.) don't use ai answer,i will 5 upvotes

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 39P

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