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Lee and stills are partners who share income in the ratio of 2:1 and who have capital balances of $65,000 and $35,000 respectively. If Mor,
Lee and stills are partners who share income in the ratio of 2:1 and who have capital balances of $65,000 and $35,000 respectively. If Mor, with the consent of Stills, acquired of Lees interest for $40,000 for what amount would Mors capital account be credited?
| A. | $72,500 |
| B. | $32,500 |
| C. | $40,000 |
| D. | $50,000 |
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Financial Accounting A Business Process Approach
Authors: Jane L Reimers
2nd Edition
131473867, 978-0131473867
