Reference no: EM132950206
Problem 1: Anthony, Brooklyn, and Cali are partners sharing profits in the ratio of 5:3:2, respectively. As of December 31, 2021, their capital balances were $87,800 for Anthony, $80,000 for Brooklyn, and $67,200 for Cali. On January 1,2022, the partners admitted Damian as a new partner and according to their agreement; Damian will contribute $80,000 in cash to the partnership and also pay $10,000 for 15% of Brooklyn's share. Damian will be given a 20% share in profits, while the original partners' share will be proportionately the same as before. After the admission of Damian, the total capital will be $330,000 and Damian's capital will be $70,000. How much is the balance of Brooklyn's capital, after the admission of Damian?
Option 1: $74,600
Option 2: $81,100
Option 3: $79,100
Option 4: $72,600
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