Solved: With the consent of stills acquired of lees interest for, Accounting Basics

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With the consent of stills acquired of lees interest for

Lee and stills are partners who share income in the ratio of 2:1 and who have capital balances of $65,000 and $35,000 respectively. If Mor, with the consent of Stills, acquired ½ of Lee's interest for $40,000 for what amount would Mor's capital account be credited?

A. $72,500
B. $32,500
C. $40,000
D. $50,000

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Accounting Basics: With the consent of stills acquired of lees interest for

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