Cindy, Casey, and Kara each invested $27,500 in a real estate venture. The partnership borrowed $216,000 and purchased a warehouse for $298,500. The note was secured by the building; there was no personal recourse against the partners. Required: What is each partner’s beginning at-risk amount in the venture? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
Cindy, Casey, and Kara each invested $27,500 in a real estate venture. The partnership borrowed $216,000 and purchased a warehouse for $298,500. The note was secured by the building; there was no personal recourse against the partners. Required: What is each partner’s beginning at-risk amount in the venture? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Cindy, Casey, and Kara each invested $27,500 in a real estate venture. The partnership borrowed $216,000 and purchased a warehouse for $298,500. The note was secured by the building; there was no personal recourse against the partners.
Required:
What is each partner’s beginning at-risk amount in the venture? (Do not round intermediate calculations. Round your final answer to the nearest whole dollar amount.)
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