The ABC partnership had net income of $100,000 for 20X9. They allocate profits and losses in the ratio 5:3:2. After closing the 12/31/20X9 books they discovered that $30,000 was spent on a piece of land in December 20X9 and was expensed. What should happen?

Answer rating: 100% (QA)

When the 30000 land expense was initially expensed it likely understated the partnerships ... View the full answer