question 18

Question 18 (3 points) A, B, and C are partners with capital balances of $50,000, $30,000 and $20,000 and who share in the profit and loss of the ABC partnership 30%, 20%, and 50%, respectively, when they agree to admit M for a 20% interest. M contributes $38,000 to the partnership and the bonus method is used. What amount will be credited for M's beginning capital balance? $25,000 $32,600 C $38,000 $20,000 $27,600