A local partnership has two partners, Penny and Amy. Penny has a capital balance of...
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Accounting
A local partnership has two partners, Penny and Amy. Penny has a capital balance of $150,000 and Amy has a capital balance of $125,000. These two partners share profits and losses 60 percent (Penny) and 40 percent (Amy). Joyce invests $75,000 in cash in the partnership for a 25 percent ownership. The bonus method will be used. What is Joyce's capital balance after this new investment? $120,000. $142,500. $130,000. $157,500. 587,500
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