The following are the condensed balance sheets of G&N Partnership at August 30, 2016, at which date Ellery is to be admitted with a 30% interest in capital for an investment of 55,000. Book Value Cash $ 20,000 Other assets 503,000 Total assets $ 523,000 Current liabilities 54,000 Non current liabilities 269,000 Gemmo, capital 120,000 Norma, capital 80,000 Total equities $ 523,000 Fair Value Cash $ 20,000 Other assets 417,000 Total assets 437,000 Current liabilities 54,000 Non current liabilities 275,000 Gemmo and Norma share profits at 60% and 40%, respectively. Required: Choose the correct answer with solution. 1. What will be the respective capital balances of Gemmo, Norma, and Ellery after the new partner's admission. 3. $68,460, $45,640, $48,900 b. $48,900, $45,640, $68,460 . $45,640, S68,460, 548,900 d. $64,860, $49,240, $48,900