10. At December 31, 20X5, Reed and Quinn are partners with capital balances of $40,000 and $20,000, and they share profit and loss in the ratio of 2:1, respectively. On this date Poe invests $17,000 cash for a one-fifth interest in the capital and profit of the new partnership. Assuming that goodwill is not recorded, how much should be credited to Poe's capital account on December 31, 20X5? a. $12,000 b. $15,000 c. $15,400 d. $17,000

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.