Reference no: EM132796100
Presented below is the balance sheet of the partnership of Mark, Johnny and Lucas, who share income and loss in the ratio of 6:3:1 respectively.
Cash 170,000
Other assets 830,000
Total assets 1,000,000
Liabilities 160,000
Mark, capital 504,000
Johnny, capital 252,000
Lucas, capital 84,000
Total liabilities and capital 1,000,000
Problem 1: Ten was admitted with 20% of their respective interests in the partnership for a total payment of $180,000. The payment by Ten is to be made directly to the individual partners. What are the capital balances of Mark, Johnny, and Lucas, respectively, immediately after the admission of Ten?
Option a. 504,000; 252,000; 84,000
Option b. 396,000; 198,000; 66,000
Option c. 403,200; 201,600; 67,200
Option d. 511,200; 255,600; 85,200
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