At year-end, the Circle City partnership has the following capital balances:
Manning, Capital | $130,000 |
Gonzalez, Capital | 110,000 |
Clark, Capital | 80,000 |
Freeney, Capital | 70,000 |
Profits and losses are split on a 3:3:2:2 basis, respectively. Clark decides to leave the partnership and is paid $90,000 from the business based on the original contractual agreement.
Using the goodwill method, what is Manning’s capital balance after Clark withdraws?
a. $133,000,
b. $137,500.
c. $140,000.
d. $145,000.
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