In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat, who share income in the ratio of 6:3:1, areMary $252,000Gene $126,000Pat $42,000A If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest?

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05-12-2022
Business

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In the GMP partnership (to which Elan seeks admittance), the capital balances of Mary, Gene, and Pat, who share income in the ratio of 6:3:1, areMary $252,000Gene $126,000Pat $42,000A If no goodwill or bonus is recorded, how much must Elan invest for a one-third interest?

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