A partnership began its first year with the following capital balances:Adrian, capital ………26,000 Brian, capital………….52,000 Charles, capital……..117,000 David, capital………..156,000 Edgar acquired a 20% interest in the partnership by contributing a total of $71,500 directly to the other four partners. Goodwill is to be recorded. Profits and losses have previously been split according to the following percentages: Adrian, 15%, Brian, 35%, Charles, 30% and David, 20%. After Edgar made his investment, what was Charles’ capital balance? Answer
| 117,000 | ||
| 118,950 | ||
| 95,160 | ||
| 71,500 | ||
| 125,840 |