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Patty and Paul are partners who share income in the ratio of 3:2. Their capital balances are $90,000 and $130,000, respectively. Income Summary has a
Patty and Paul are partners who share income in the ratio of 3:2. Their capital balances are $90,000 and $130,000, respectively. Income Summary has a credit balance of $40,000 after the second closing entry. What is Paul's capital balance after closing Income Summary to the capital accounts?
$164,000
$160,000
$120,000
$146,000
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