Question
Following are the capital account balances for the William, Jennings, and Bryan partnership: William (40% of gains and losses) $ 350,000 Jennings (40%) 300,000 Bryan
Following are the capital account balances for the William, Jennings, and Bryan partnership:
| William (40% of gains and losses) | $ | 350,000 |
| Jennings (40%) | 300,000 | |
| Bryan (20%) | 280,000 | |
Darrow invests $410,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, what is Jenningss capital balance?
Multiple Choice
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$302,400
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$423,000
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$303,200
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$300,000
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Intermediate Accounting Volume 2
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
13th Canadian Edition
1119740444, 9781119740445
