1. Mace and Bowen are partners and share equally in income or loss. Mace's current capital balance is $186,000 and Bowen's is $162,500. Mace and Bowen agree to accept Kent with a 30% interest in the partnership. Kent invests $166,000 in the partnership. The amount credited to Kent's capital account is:

2. Which of the following statements is true?

• If a partnership agreement states how profits are to be split, but not losses, then losses are split the same way as profits.

• A partner must contribute cash to become a member of a partnership.

• A new partner cannot buy a share of the partnership from an individual partner.

• It is not really important for a partnership agreement to be in writing.

• If a partnership agreement does not state how profits are to be split, then the profits must be split according to their capital contributions.

3 .Hewlett and Martin are partners. Hewlett's capital balance in the partnership is $61,500, and Martin's capital balance $58,500. Hewlett and Martin have agreed to share equally in income or loss. The existing partners agree to accept Black with a 20% interest. Black will invest $35,500 in the partnership. The bonus that is granted to Hewlett and Martin equals: