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29. Irving and Jacob are partners in the IJ partnership, Irving owning 60 percento interest and Jacob 40 percent, and they share profits and losses
29. Irving and Jacob are partners in the IJ partnership, Irving owning 60 percento interest and Jacob 40 percent, and they share profits and losses according to the same percentages. At the beginning of 2020, their capital account balances were respectively $20,000 and $40,000. During 2020, the partnership suffered a loss of $50,000, and the partnership was forced to borrow approximately $30,000 to tide it over this slump. What difference does it make whether the partnership borrows the money in 2020 or 2021
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