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Prepare the journal entry when S retires

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Question - The Balance Sheet of the FAS partnership at December 31, 2018, appears below:

Cash $400,000

Liabilities $80,000

Other Assets 800,000 F, Capital 280,000 A, Capital 460,000

S, Capital 380,000Total Assets$1,200,000 Total Liabilities and Capital$1,200,000

Partners F, A, and S share profits and losses 20:30:50, respectively. Each question below isindependent of the others. Show all computations.

a) Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare the journal entry when S retires and no goodwill is recognized. Use bonus method.

b) Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare the journal entry when S retires and only S's goodwill is recognized.

c) Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare the journal entry when S retires and all goodwill is recognized.

d) Refer to the above information. Assume Partner S retires from the partnership and receives $360,000 for her capital interest. Prepare the journal entry when S retires and no-goodwill is recognized. Use bonus method.

Reference no: EM133052200

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