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Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances...

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Accounting

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows:

Floyd $55,000
Merriam 17,000

They agreed to admit Ramelow into the business for a one-third interest in the new partnership. Ramelow contributes $24,000 cash in exchange for the partnership interest.

What is the correct capital account balance of Ramelow after he enters the business?

a)$28,000

b)$32,000

c)$55,000

d)$24,000

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