A partnership began on January 1, 2020, with two partners Mary Snow and Scott Lucas. Mary contributed $53,000 cash and Scott contributed equipment with a fair market value of $33,000. The partners share profits and losses 60:40, with Mary receiving 60%. Partners' withdrawals were $11,000 by Mary and $5500 by Scott. Net income for 2020 was $54,000. What is the balance in Mary's capital account at December 31, 2020?
A) $74,400
B) $21,400
C) $53,000
D) $32,400
A) $74,400
Explanation: $53,000 contribution+ $32,400 net income - $11,000 withdrawal = $74,400
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