Question & Answer: The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Ed…..

The ABCD Partnership has the following balance sheet at January 1, 2010, prior to the admission of new partner, Eden.
Cash and current assets 39,000 Liabilities   52,000

land     234,000 Adams, capital  26,000

building and equipment   130,000 Barnes, capital       52,000

Cordas, capital  117,000

Davis, capital    156,000

total 403,000                                       total       403,000

Eden contributed $50,000 in cash to the business to receive a 25% interest in the partnership. Goodwill was to be recorded. The four original partners shared all profits and losses equally. Using the bonus method, determine the balances for each of the five partners after Eden joins the partnership