Question
A. Amsterdam, B. Brighton, and C. Custer operated a partnership and had shared income and loss equally. At the time of Amsterdams death, the partnership
A. Amsterdam, B. Brighton, and C. Custer operated a partnership and had shared income and loss equally. At the time of Amsterdams death, the partnership records show the following capital balances: A. Amsterdam, $83,000; B. Brighton, $70,000; and C. Custer, $90,000. Amsterdams estate was considering a sale of Amsterdams interest in the partnership to an outsider. As a result, Brighton and Custer offered a settlement of $ $95,000 for Amsterdams partners equity. The estate accepted the settlement. This settlement resulted in
a bonus to the remaining partners (Brighton and Custer) of $12,000.
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