Mace and Bowen Are Partners and Share Equally in Income

question 152

Multiple Choice

Mace and Bowen are partners and share equally in income or loss. Mace's current capital balance is $135,000 and Bowen's is $120,000. Mace and Bowen agree to accept Kent with a 30% interest in the partnership. Kent invests $115,000 in the partnership.
- The amount credited to Kent's capital account is:

• A) $115,000.
• B) $92,500.
• C) $120,000.
• D) $111,000.
• E) $119,000.

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