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Cash and current assets - $66,000 Land - 396,000 Building and equipment (net) - 220,000 Totals = $682,000 Liabilities - $88,000 L, capital - 44,000

Cash and current assets - $66,000

Land - 396,000

Building and equipment (net) - 220,000

Totals = $682,000

Liabilities - $88,000

L, capital - 44,000

M, capital - 88,000

N, capital - 198,000

O, capital - 264,000

Totals = $682,000

P contributes $121,000 in cash to the business to receive a 20 percent interest in the partnership. No goodwill or other asset revaluation is to be recorded. Profits and losses have previously been split according to the following percentages: L, 10 percent; M, 30 percent; N, 20 percent; and O, 40 percent. After P makes this investment, what are the individual capital balances?

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