Noah Elm and Herman Totten are partners who share profits and losses in the ratio of 40

Question:

Noah Elm and Herman Totten are partners who share profits and losses in the ratio of 40 and 60 percent, respectively. The balances of their capital accounts on December 31, 2015, are Elm, $210,000 and Totten, $230,000. With Totten's agreement, Elm sells one-half of his interest in the to Kaethryn Carter for $160,000 on January 1, 2016. What will the capital account balances for each of the three partners be after this sale?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...