Chapter $21$ Homework Assignment $1$

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Problem $21-55($LO $21-1,$ LO $21-6)($Algo$)$

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Fatima pays $$139,000$ cash for Brittany's one$-$third interest in the Westlake Partnership. Just prior to the sale, Brittany's basis in Westlake is $$105,000.$ Westlake reports the following balance sheet:

Liabilities and capital

Capital$-$Amy

Capital$-$Brittany

Capital$-$Ben

$\backslash$table$[[$$$105,000$