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What are the capital balances of each partner

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Problem - The capital accounts of Trent Henry and Tim Chou have balances of $160,000 and $100,000, respectively. LeAnne Gilbert and Becky Clarke are to be admitted to the partnership. Gilbert buys one-fifth of Henry's interest for $35,000 and one-fourth of Chou's interest for $29,000. Clarke contributes $90,000 cash to the partnership, for which she is to receive an ownership equity of $90,000. What are the capital balances of each partner after the admission of the new partners?

Reference no: EM132693058

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