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(Solved) (Latest ver. Aug 2020) - Business combination: New Partnership of Patrick Company and Samuelson Company

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The post-closing trial balances of two proprietorships on January 1, 2008, are presented

All cash will be transferred to the partnership, and the partnership will assume all the liabilities of the two proprietorships.

Further, it is agreed that Patrick will invest an additional $5,000 in cash, and Samuelson will invest an additional $19,000 in cash.


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