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Question
Benton and Orton are partners who share income in the ratio of 1:3 and have capital balances of $70,000 and $30,000, respectively. Ramsey is admitted to the partnership and is given a 40% interest by investing $20,000. What is Benton’s capital balance after admitting Ramsey?
a. $20,000
b. $7,000
c. $70,000
d. $63,000
Answer
This answer is hidden. It contains 1 characters.
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