Bishop has a capital balance of $120,000 in a local partnership, and Cotton has a $90,000 balance. These two
partners share profits and losses by a ratio of 60 percent to Bishop and 40 percent to Cotton. Lovett invests $60,000 in cash in the partnership for a 20 percent ownership. The goodwill method will be used. What is Cotton’s capital balance after this new investment?
Multiple Choice
$99,600
$102,000
$112,000
$126,000
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