Gary,Peter,and Chris and Have Capital Balances of $26,000,$38,000,and $30,000,respectively

question 64

Multiple Choice

Gary,Peter,and Chris and have capital balances of $26,000,$38,000,and $30,000,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 $20,000 as the final settlement to Gary.How much bonus does Peter receive as a result of this transaction? (Do not round intermediate calculations and round the final answer to the nearest dollar.)

• A) $3429
• B) $2571
• C) $3333
• D) $2667

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Definitions:

Kitchen Fixtures

Permanent installations in kitchens, such as sinks, faucets, and cabinetry, that are essential for the kitchen's functionality.

Case of First Impression

A legal case in which a matter has never been decided before by the courts, thus presenting a new legal issue for determination.

Legal Issue

A matter or dispute subject to laws and legal systems, often involving interpretation of statutes, regulations, and case law.

Jurisdiction

The authority of a court to hear and decide a specific case.