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At April 30, partners capital balances in Sheridan Partners are Dexter $48,400, Emley $28,600, and Sigle $26,400. The profit-sharing ratio is 5:3:2, respectively. On May

At April 30, partners capital balances in Sheridan Partners are Dexter $48,400, Emley $28,600, and Sigle $26,400. The profit-sharing ratio is 5:3:2, respectively. On May 1, the Concord Partnership is formed by admitting Watson to the firm as a partner with 20% equity.

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