lvin, McMahon, and Longval, a partnership, is considering admitting Kramer Young as a new partner. On July 31 of the current? year, the capital accounts of the three existing partners and their? profit-and-loss-sharing ratio is as? follows:
Capital Profit & Lost Sharing %
Galvin 42,000 20%
Mcmahon 84,000 25%
Longval 126,000 55%
1. Young pays Longval $ 168,000 cash to purchase Longval?’s interest.
2. Young contributes $84,000 in the? partnership, acquiring a? 1/4 interest in the business.
3. Young contributes $84,000 in the? partnership, acquiring a? 1/6 interest in the business.
4. Young contributes $84,000 in the? partnership, acquiring a? 1/3 interest in the business.
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