Mutt and Jeff formed a partnership on April 1 and contributed the following assets:Mutt JeffCash $ 150,000 $ 50,000 Land 310,000 The land was subject to a $30,000 mortgage, which the partnership assumed. Under the partnership agreement, Mutt and Jeff share profit and loss in the ratio of one-third and two-thirds, respectively. Jeff's capital account at April 1 should beA) $360,000. B) $330,000. C) $300,000. D) $340,000.
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