Bruce Chapman was admitted to the Adams & Bye LLP on May 31, 2020, by an investment of $40,000 cash for a 20% interest in

Bruce Chapman was admitted to the Adams & Bye LLP on May 31, 2020, by an investment of $40,000 cash for a 20% interest in partnership net assets. Prior to the admission of Chapman, the capital accounts of Adams and Bye, who shared net income and losses equally, had balances of $70,000 and $30,000, respectively.The preferable accounting method for the admission of Chapman includes credits of:
Select one:
a. $28,000 and $12,000, respectively, to the capital accounts of Adams and Bye
b. $6,000 each to the capital accounts of Adams and Bye
c. Some other amounts to the capital accounts of Adams and Bye
d. $30,000 each to the capital accounts of Adams and Bye

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