Jack holds an ownership interest of 63% and Teresa holds an ownership interest of 37% in the J and T Partnership.This year,in order to further develop the business,Jack contributes an additional $6800 and Teresa contributes an additional $3200 to the partnership.Which of the following is TRUE of this scenario?
A) Either the total contribution of $10,000 or the contribution in relationship to the ownership interest ratio will be recorded.
B) Only the total contribution of $10,000 will be recorded.
C) Individual contributions of $6800 by Jack and $3200 by Teresa will be recorded.
D) 63% of Jack's contribution and 37% of Teresa's contribution will be recorded.
Correct Answer:
Verified
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