What is the capital balance of april

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Dissolution of partnership

April, May, and June have the following capital balances: $40,000, $75,000 and $65,000 respectively. The partners share profits and losses 20%, 40%, and 40% respectively. Consider the following five independent transactions:

Question 1: May retires and is paid $93,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of April?

Question 2: May retires and is paid $93,000 based on an independent appraisal of the business. If the goodwill method is used, what is the capital balance of April?

Question 3: The three partners agree to admit March for a 20% interest. March contributes $30,000 to the partnership. If the bonus method is used, what is the capital balance of April?

Question 4: The three partners agree to admit March for a 20% interest. March contributes $67,000 to the partnership. If the bonus method is used, what is the capital balance of April?

Question 5: The three partners agree to admit March for a 20% interest. March contributes $42,000 to the partnership. If the goodwill method is used, what is the amount of goodwill being recorded?

Reference no: EM133718552

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