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QUESTION 6 6. Sherry and Joan both have been in a partnership where they shared in profits and losses at a rate of 40% and
QUESTION 6 6. Sherry and Joan both have been in a partnership where they shared in profits and losses at a rate of 40% and 60%, respectively. Mecca was admitted to the partnership paying $175,000 for a 25% interest in the partnership. Immediately before admitting Mecca to the partnership, Sherry and Joan had capital balances of $200,000 and $350,000, respectively. What is Mecca's capital balance after being admitted to the partnership? A $175,000 B. 181,250 C. 197,500 D. $200,000
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