Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. calvin purchased a 40% partnership interest for $5

Calvin purchased a 40% partnership interest for $53,000 in February 2020. His share of partnership...

80.2K

Verified Solution

Question

Accounting

Calvin purchased a 40% partnership interest for $53,000 in February 2020. His share of partnership income in 2020 was $32,000, in 2021 was $35,000, and in 2022 was $32,000. He made no additional contributions to or withdrawals from the partnership.
Required:
On December 18,2022, Calvin sold his partnership interest for $163,000. What is his gain or loss on the sale of his interest?
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Heavy metal azides, which are salts of hydrazoic acid, HN3, are used as explosive detonators. A...

General Management
1.2K views

Q1. Please explain what role administrative agencies play in our government and the steps for how rules...

Biology
1.2K views

seen lots of algea blooms and a change of the chemical composition of lakes creating...

Biology
1.2K views

Part III Wolves are highly social animals and live in packs Pack size largely depends...

Physics
1.2K views

A ring of radius R having a uniformly distributed charge Q is fixed in a...

Physics
1.2K views

The path of a light ray inside a transparent slab of variable refractive index is...

Geometry
1.2K views

2 The garden s length is three feet longer than the width If the perimeter...

Basic Math
1.2K views

Determine the area under the standard normal curve that lies between (a) Z=-1.02 and Z=1.02,...

Calculus
1.2K views

If f 2 2 5 and f 2 2 5 then f 2 5 is...

Accounting
1.2K views

k2 Question 6 of 7 0.37/1...

Accounting
1.2K views

The 2021 income statement of Adrian Express reports sales of $21,310,000, cost of...

Accounting
1.2K views

Alternative Capital Investments The investment committee of Auntie M's Restaurants Inc. is evaluating...