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Advanced accounting goodwill method partnerships
P,L, and O are partners with capital balances of $50,000, $30,000 and $20,000 and who share in profit and loss of the PLO partnership 30%, 20%, and 50%, respectively, when they agree to admit C for a 20% interest. If C contributes $40,000 to the partnership and the goodwill method is used, what amount will be debited for goodwill?
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