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Following are the capital account balances for the William, Jennings, and Bryan partnership: William (40% of...

Following are the capital account balances for the William, Jennings, and Bryan partnership:

William (40% of gains and losses) $ 280,000
Jennings (40%) 230,000
Bryan (20%) 210,000

Darrow invests $325,000 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 Jennings’s capital balance?

Multiple Choice

a. $327,500

b. $230,000

c. $233,450

d. $234,600

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Answer #1

Option D ($234,600)

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