Following are the capital account balances for the William, Jennings, and Bryan partnership: ...
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Accounting
Following are the capital account balances for the William, Jennings, and Bryan partnership:
| William (40% of gains and losses) | $ | 260,000 |
| Jennings (40%) | 210,000 | |
| Bryan (20%) | 190,000 | |
Darrow invests $300,000 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?
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