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Define the terms of the original partnership agreement

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Question: The E.N.D. partnership has the following capital balances as of the end of the current year:

Pineda                   $ 330,000

Adams                      290,000

Fergie                       260,000

Gomez                      240,000

Total capital         $ 1,120,000

Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)

Reference no: EM131739394

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