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Donald and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Donald, $145000 and Landry, $124000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $169000 in the partnership, what is Landry's capital balance after Neumark's admittance? ○ $130900 $124000 ○ $146000 ○ $133200

Donald and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Donald, $145000 and Landry, $124000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $169000 in the partnership, what is Landry's capital balance after Neumark's admittance? ○ $130900 $124000 ○ $146000 ○ $133200

FINANCIAL ACCOUNTING
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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Donald and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Donald, $145000 and Landry, $124000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $169000 in the partnership, what is Landry's capital balance after Neumark's admittance? $130900 ○ $124000 $146000 ○ $133200
Transcribed Image Text:Donald and Landry are partners who share income and losses in the ratio of 3:2, respectively. On August 31, their capital balances were: Donald, $145000 and Landry, $124000. On that date, they agree to admit Neumark as a partner with a one-third capital interest. If Neumark invests $169000 in the partnership, what is Landry's capital balance after Neumark's admittance? $130900 ○ $124000 $146000 ○ $133200
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