Zach and Christine are partners with USD60,000 and USD20,000 capital balances, respectively. Gains and losses are divided in a 6:4 ratio. The partners decided to form a new partnership with Sookie, who invested land worth USD115,000 in exchange for a 30% interest in the new partnership. Sookie's cost of the land was USD102,000 . What is Zach's capital balance now that Sookie has joined the partnership?

Zach and Christine are partners with USD60,000 and USD20,000 capital balances, respectively. Gains and losses are divided in a 6:4 ratio. The partners decided to form a new partnership with Sookie, who invested land worth USD115,000 in exchange for a 30% interest in the new partnership. Sookie's cost of the land was USD102,000 . What is Zach's capital balance now that Sookie has joined the partnership?

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter4: Gross Income: Concepts And Inclusions

Section: Chapter Questions

Problem 12DQ

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