Liam, Michael and Noah own interests in the LMN Partnership. Their current capital account balances are as follows:

Liam

$450,000

Michael 350,000

Noah

200.000

Partnership income is shared in a 1:5:4 ratio. Olivia buys a 20% interest in the partnership by acquiring 20% of each existing partner's interest, paying the three partners a total of $300,000.

Partnership identifiable net assets are currently reported at amounts approximating fair value.

Using the transfer of capital interests approach, Liam's capital balance immediately following admission of Olivia is:

parnetship identitible net assets are currenty repocted st amounts approvimating fair value. Using the transter of capical interests approschu tiarn's capital baiance immediately following admission of olina iaf Select one: a. $450,000 b. 5360,000 - 5405,000 d. $440.000