In the AD Partnership,Allen's Capital Is $140,000 and Daniel's Is

question 24

Multiple Choice

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-Refer to the information provided above.Allen and Daniel agree that some of the inventory is obsolete.The inventory account is decreased before David is admitted.David invests $40,000 for a one-fifth interest.What is the amount of inventory written down?

• A)$4,000
• B)$20,000
• C)$15,000
• D)$10,000

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