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Question - The ABC partnership is comprised of A, B, and C. A, B, and C have the following capital balances and profit sharing percentages at a given point in time:
Partner
Capital balance
Profit/loss percentage
A
300,000
20%
B
200,000
30%
C
50%
TOTAL
800,000
100%
1) D wants to buy into the partnership. D will pay $200,000 for a 10% ownership interest. What will be the credit to D's capital account assuming the bonus method is used?
2) D wants to buy into the partnership. D will pay $200,000 for a 10% ownership interest. What will be the credit to D's capital account assuming the goodwill method is used?
3) D wants to buy into the partnership. D will pay $200,000 for a 10% ownership interest. How much goodwill would be recorded assuming the goodwill method is used?
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