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Peter, Tom, and Jason have capital balances and profit-and-loss sharing ratios as follows:
Peter (10%): 100,000
Tom (50%): 400,000
Jason (40%): 200,000
Required (show all your calculations)
Problem 1. Tom retires and is paid $450,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital of the remaining partners?
Problem 2. Tom retires and is paid $500,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital of the remaining partners (assume the excess payment is used to revalue the whole partnership capital)?
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