Cortney invests $80,000 for a 10 percent interest in a partnership that has total capital of $600,000 after admitting Cortney.Which of the following is true?
A)Cortney's capital is $52,000
B)The original partners' capital in the business was $540,000 before admitting Cortney
C)Cortney received a bonus of $20,000
D)The original partners received a bonus of $20,000

Question

Quizplus · Accepted Answer

The Answer of Cortney invests $80,000 for a 10 percent interest in a partnership that has total capital of $600,000 after admitting Cortney.Which of the following is true?
A)Cortney's capital is $52,000
B)The original partners' capital in the business was $540,000 before admitting Cortney
C)Cortney received a bonus of $20,000
D)The original partners received a bonus of $20,000

Cortney Invests $80,000 for a 10 Percent Interest in a Partnership