Question
A partnership has the following capital balances: Comprix (50% of gains and losses) $ 180,000 Heflin (25%) 280,000 Kaplan (25%) 380,000 Mahar is going to
A partnership has the following capital balances:
| Comprix (50% of gains and losses) | $ | 180,000 |
| Heflin (25%) | 280,000 | |
| Kaplan (25%) | 380,000 | |
Mahar is going to pay a total of $278,000 directly to these three partners to acquire a 25 percent ownership interest from each. Goodwill is to be recorded. What is Heflins capital balance after the transaction?
Multiple Choice
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$255,000
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$280,000
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$261,000
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$210,000
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Audit Guide Audit Sampling
Authors: AICPA
2nd Edition
195068833X, 978-1950688333
