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Question
Tom invested $20,000 in a limited partnership. His share of liabilities from mortgage debt was initially $45,000. The property suffered a loss in income during the first year, of which Tom's share was $5,000. However, in years two through four income allocated from the account equaled a total of $9,000 ($3,000 per year). The allocated reduction in debt at the end of year 4 from amortization of the loan is equal to $1,100. What is the balance of Tom's capital account at the end of year 4?
A) −$9,900
B) $24,000
C) $69,000
D) $70,100
Answer
This answer is hidden. It contains 19 characters.
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