Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $69,100 and $30,800, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $42,500. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? Oa. $69,100 Оb. $30,800 Oc. $34,550 Od. $42,500 > Previous Next 3:23 PM 53°F Sunny 12/14/2021 a.

Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $69,100 and $30,800, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $42,500. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership? Oa. $69,100 Оb. $30,800 Oc. $34,550 Od. $42,500 > Previous Next 3:23 PM 53°F Sunny 12/14/2021 a.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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