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Cullumber Oil Imports is a partnership owned by Magda Martin and Giannis Clark. The partners share profit on a 3:2 basis, respectively. On January 1,
Cullumber Oil Imports is a partnership owned by Magda Martin and Giannis Clark. The partners share profit on a 3:2 basis, respectively. On January 1, 2024, they have capital balances of $108,000 and $64,800, respectively. On that day, Magda and Giannis agree to admit lona Lewi to the partnership in exchange for an investment of cash into the partnership. 1. Lewi invests $54,000 cash for a 30% ownership interest. This is an investment of assets. 2. Lewi invests $97,200 cash for a 30% ownership interest. This is an investment of assets. For alternative 1, indicate the balance in each partner's capital account and total partners' equity after Lewi is admitted to the partnership. (Do not leave any answer field blank. Enter 0 for amounts.) Attempts: 0 of 1 used
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