4EELATOR MESSAGE HY INSTRUCTORS FULL SCREEN PRINTER VESION BACK Chapter 15, Test Bank Question 17 The partnership of Gilligan, Skipper, and Ginger had total capital of $570,000 on December 31, 2017 as follows: Gilligan, Capital (30 % ) Skipper, Capital (45 % ) Ginger, Capital (25 % ) $180,000 255,000 135,000 $570,000 Total Profit and loss sharing percentages are shown in parentheses Assume that Professor became a partner by investing $190,000 in the Giligan, Skipper, and Ginger partnership for a 25 percent interest in the capital and profits, and the partnership assets are revalued. Under this assumption O Professor's capital credit will be $150,000. O Gilligan's capital will be increased to $147,000. net assets of the partnership will increase by $190,000, including Professor's interest O total partnership capital after Professor's admission to the partnership will be $600,000. OOOO