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Son and Don are partners who share profits and losses equally. Son and Don have capital balances of $50,000 and $40,000, respectively. Assume Ron is admitted to the partnership by investing $60,000 in cash in exchange for a one-third partnership interest.
Problem 1: After admitting Ron to the partnership, Son's and Don's capital balances will be:
a. $60,000 and $40,000, respectively.
b. $55,000 and $45,000, respectively.
c. $50,000 each.
d. None of the above is correct.
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