What are the partnership's earnings for 2015?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Marco, a partner in the Marco and Guel partnership, is entitled to 40% of the profits and losses. During 2015, Marco contributes land to the partnership that cost her P50,000 but has a current value of P60,000. Also during 2015, Marco has drawings of P80,000. The balance in Marco's capital account was P120,000 at the beginning of the year and is P150,000 at the end of the year. What are the partnership's earnings for 2015?
A. ( 75,000)
B. ( 50,000)
C. 150,000
D. 125,000
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