Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the...
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Accounting
Following are the capital account balances and profit and loss percentages (indicated parenthetically) for the William, Jennings, and Bryan partnership: William (45%) $ 310,000 Jennings (45%) 260,000 Bryan (10%) 240,000 Darrow invests $360,000 in cash for a 30 percent ownership interest. The money goes to the business. No goodwill or other revaluation is to be recorded. After the transaction, what is Jenningss capital balance?
Multiple Choice
$260,000
$264,050
$262,700
$368,000
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