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What smith capital balance the purchase is

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Problem 1: Smith purchases 50% of Lemon's capital interest in the K & L Partnership for P22,000. If the capital balance of Kelly and Lemon are P 40,000 and P 30,000 respectively, Smith's capital balance following the purchase is:

a. P 22,000
b. P 35,000
c. P 20,000
d. P 15,000

Reference no: EM132904390

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