Joan and Helen are partners who have agreed to allow Carol to purchase Helen's share for a direct payment of $36,000 to Helen. Joan and Helen's previous capital balances were $10,000 and $17,000, respectively. What will be the amount in Carol's capital account?
A) $17,000
B) $10,000
C) $36,000
D) Some other number

Question

Quizplus · Accepted Answer

Carol is purchasing Helen's share, which is $17,000, for a direct payment of $36,000 to Helen. Therefore, Carol's capital account will reflect the $17,000 that was Helen's share.

Joan and Helen Are Partners Who Have Agreed to Allow