Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio. The partnerships capital balances are Caitlin, $138,000; Chris, $98,000; and Molly, $118,000. Paul is admitted to the partnership on July 1 with a 15% equity and invests $78,000. The balance in Pauls capital account immediately after his admission is:

Multiple Choice

$64,800

$196,000

$84,800

$111,200

$354,000

Caitlin, Chris, and Molly are partners and share income and losses in a 3:4:3 ratio. The partnerships capital balances are Caitlin, $123,000; Chris, $83,000; and Molly, $103,000. Paul is admitted to the partnership on July 1 with a 10% equity and invests $163,000. The balance in Pauls capital account immediately after his admission is:

Multiple Choice

$309,000

$472,000

$163,000

$47,200

$115,800