Question: On May 3 1 Partner Gambit buys 1 0 % of partner Wolverine's interest in the equal DW calendar - year partnership, so Gambit owns

On May 31 Partner Gambit buys 10% of partner Wolverine's interest in the equal DW calendar-year partnership, so Gambit owns 10% and Wolverine owns 40% after the sale. For the year, the partnership earns income of $7,000 a month for January through July, and $12,000 a month for August through December. How much income will Wolverine and Gambit each have from the partnership under (a) the interim closing method and (b) the proration of partnership income method?
On May 3 1 Partner Gambit buys 1 0 % of partner

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