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What son and don capital balances will be

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Son and Don are partners who share profits and losses equally. Son and Don have capital balances of $50,000 and $40,000, respectively. Assume Ron is admitted to the partnership by investing $60,000 in cash in exchange for a one-third partnership interest.

Problem 1: After admitting Ron to the partnership, Son's and Don's capital balances will be:

a. $60,000 and $40,000, respectively.

b. $55,000 and $45,000, respectively.

c. $50,000 each.

d. None of the above is correct.

Reference no: EM132780725

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