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Determine the amount paid to colter

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Agler, Bates and Colter are partners who share income in a 5:3:2 ratio. Colter, whose capital balance is P 150,000, retires from the partnership.

Required:

Problem a: Determine the amount paid to Colter under each of the following cases:

1. P 50,000 is debited to Agler capital account, the bonus approach is used.

2. Goodwill (or revaluation of asset) of P 60,000 is recorded; the partial goodwill approach (or revaluation of specific asset is used) is used. P 66,000 is credited to Bates' capital account; the total goodwill is used.

Reference no: EM132621561

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