In the AD partnership,Allen's capital is $140,000 and Daniel's is $40,000 and they share income in a 3:1 ratio,respectively.They decide to admit David to the partnership.Each of the following questions is independent of the others.
-Refer to the information provided above.David directly purchases a one-fifth interest by paying Allen $34,000 and Daniel $10,000.The land account is increased before David is admitted.What are the capital balances of Allen and Daniel after David is admitted into the partnership?
Definitions:
Ossification
The process of bone growth.
Endochondral
A type of ossification in which bones start out as cartilage models.
Occipital Bone
a bone situated at the lower back part of the skull, supporting the back of the head and containing the foramen magnum.
Foramen Magnum
The large opening at the base of the skull through which the spinal cord passes to connect with the brain.
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