Question: Barb, Steve, and Jonathan are partners in a 1:2:2 split of profits and losses. Barb left the partnership and received $148,000 in cash as a

Barb, Steve, and Jonathan are partners in a 1:2:2 split of profits and losses. Barb left the partnership and received $148,000 in cash as a parting gift. Barb, Steve, and Jonathan had capital balances of $120,000, $180,000, and $200,000, respectively, prior to Barb's retirement and before any bonus was recognized. How much would Steve's Capital balance be immediately after Barb's retirement from the partnership if he used the bonus method?

By investing $185,000 in cash, Jonathan was accepted into the partnership with a 20% capital interest. Barb and Steve had a total partners' equity of $500,000 prior to Jonathan's admission, and they shared profits and losses in a 1:3 ratio. How much would Jonathan's capital balance be upon his admission to the partnership, assuming total agreed capital equals total contributed capital?

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