22.

Abby and Bailey are partners who share income in the ratio of 2:1 and have capital balances of $66,300 and $29,500, respectively. With the consent of Bailey, Sandra buys one-half of Abby's interest for $40,400. For what amount will Abby's capital account be debited to record admission of Sandra to the partnership?

a.$66,300

b.$29,500

c.$33,150

d.$40,400

23.

An investor purchased 667 shares of common stock, $24 par, for $32,016. Subsequently, 96 shares were sold for $33 per share. What is the amount of gain or loss on the sale?

a.$1,440 gain

b.$2,304 loss

c.$2,304 gain

d.$1,440 loss