OOK When a new partner is admitted to an existing partnership, whether by contributing cash, property, or expertise, an adjustment of the accounts of the partnership to current value should be made (if necessary). Any such adjustment should be made to the capital accounts of the existing partners (only) in their income/loss sharing ratio. the existing partners (only) in the ratio of their beginning-of-period capital accounts. the existing partners AND the new partner in their income/loss sharing ratio. Larry, Curly, and Moe forma partnership on 01/01/2019. Terms of the written partnership agreement state that net income/loss is to be split in the ratio of 5:3:2, respectively, after salaries and 10% interest on beginnig- of-the-year capital balances are considered. On 01/01/2019, capital contributions by the three are as follows: Larry -- $50,000, Curly -- $70,000, Moe -- $90,000. Salaries paid during 2019 are as follows: Larry - - $40,000, Curly -- $45,000, Moe -- $60.000. Net income for the partnership for 2019 is $125,000. At 12/31/2019, after closing entries are made, what is the capital account for Curly? $62.500 $70,000 $107.500 m ga - do 40 7:20 PM 8/28/2019 If a bonus is to be paid to an incoming new partner, this indicates that the incoming partner is contributing more to the partnership than the existing partners capital accounts after admission of the new partner is contributing the same amount to the partnership as the existing partners' capital accounts after admission of the new partner. is contributing less to the partnership than the existing partners capital accounts after admission of the new partner