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Gary, Peter, and Chris and Have Capital Balances of $25,000

question 13

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Gary, Peter, and Chris and have capital balances of $25,000, $40,000, and $31,000, respectively. As per the partnership agreement, Gary gets a profit share of 2/9; Peter gets 4/9; and Chris gets 3/9. The partnership agrees to pay $22,000 as the final settlement to Gary. How much bonus does Peter receive as a result of this transaction?


Definitions:

Gymnosperms

A group of seed-producing plants that includes conifers, cycads, Ginkgo, and gnetophytes, characterized by unenclosed or "naked" seeds.

Microphylls

Small, often single-veined leaves found on some plants, particularly those belonging to the lycophytes group.

Club Mosses

Ancient plants belonging to the division Lycophyta that resemble true mosses superficially but have vascular tissue and reproduce by spores.

Whisk Ferns

Fern relatives lacking true roots and leaves; characterized by dichotomous branching.

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