(Note: Question 10 is a Kaplan CPA Review Question) Kor-Ing Partnership was formed on January 2, 20x1. Under the partnership agreement, each partner has an equal initial capital balance accounted for under the goodwill method. Partnership net income or loss is allocated 60% to K and 40% to ng To for the partnership roriginally contributed assets costing $30,000 with a fair value of $60,000 on January 2, 20X1, while Ing contributed $20,000 in cash. Drawings by the partners during 20X1 totaled $3,000 by Kor and $9,000 by Ing. Kor-Ing's 20X1 net income was $25,000. Ing's initial capital balance in Kor-Ing is: O $25,000 O $20,000 $60,000 O $40,000