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The capital account balances for Donald & Hanes LLP on January 1, 2011, were as follows:
Donald, capital : $200000
Henes, capital: $100000
Donald and Hanes shared net income and losses in the ratio of 3:2, respectively. The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized.
What is the balance of May's capital account after the new partnership is created? Please show the work.
A. $84,000.
B. $100,000.
C. $140,000.
D. $176,000.
E. $200,000.
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