Peters and Chong are partners and share equally in income or loss. Peters' current capital balance is
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Peters and Chong are partners and share equally in income or loss. Peters' current capital balance is $140,000 and Chong's is $130,000. Peters and Chong agree to accept Aaron with a 30% interest in the partnership. Aaron invests $98,000 in the partnership. The balances in Peters's and Chong's capital accounts after admission of the new partner equal:
- Peters $140,000; Chong $130,000.
- Peters $146,200; Chong $136,200.
- Peters $145,000; Chong $135,000.
- Peters $133,800; Chong $123,800.
- Peters $166,027; Chong $156,027.
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
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