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The capital account balances for Donald & Hanes LLP on January 1, 2021, were as follows: Donald, capital Hanes, capital $200,000 100,000 Donald and Hanes
The capital account balances for Donald & Hanes LLP on January 1, 2021, were as follows: Donald, capital Hanes, capital $200,000 100,000 Donald and Hanes shared net Income and losses in the ratio of 3.2, respectively. The partners agreed to admit May to the partnership with a 35% interest in partnership capital and net income. May invested $100,000 cash, and no goodwill was recognized. What is the balance of May's capital account after the new partnership is created? Multiple Choice O $84.000. O o O $100,000 O O $140.000. O o $176,000. O $200,000
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