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Dominic and Morgan are partners. Dominic has a capital balance of $370,000 and Morgan has...

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Accounting

Dominic and Morgan are partners. Dominic has a capital balance of $370,000 and Morgan has a capital balance of $265,000. Morgan sells $115,000 of his ownership to Lance. Which of the following is TRUE of the items in the balance sheet?
A. Assets will increase by $115,000.
B. The total equity decreases by $115,000.
C. The total equity remains unchanged.
D. Assets will decrease by $115,000.
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