P.L. and O are partners with capital balances of $50,000, $30,000 and $20,000 and who...
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Accounting
P.L. and O are partners with capital balances of $50,000, $30,000 and $20,000 and who share in the profit and loss of the PLO partnership 30%, 20%, and 50%, respectively, when they agree to admit C for a 20% interest. C contributes $38,000 to the partnership and the bonus method is used. What amount will be credited for C's beginning capital balance? Multiple Choice o $32,600 $20,000 $25,000 $38,000 $27.600
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