14)The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5:

Ace, Capital	$	151,500
Jack, Capital		200,600
Spade, Capital		121,400

The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spades withdrawal under each of the following independent situations.

f. Spade received $150,900 of partnership cash upon retirement. The partnership goodwill attributable to all the partners was recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the recognition of goodwill for the entire firm upon Spade's retirement.

Record the payment of the bonus to Spade upon his retirement.

15) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5:

Ace, Capital	$	151,500
Jack, Capital		200,600
Spade, Capital		121,400

The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spades withdrawal under each of the following independent situations.

g. Because of limited cash in the partnership, Spade received land with a fair value of $100,300 and a partnership note payable for $51,200. The lands carrying amount on the partnership books was $61,500. Capital of the partnership after Spades retirement was $360,800. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the revaluation of land.

Record the settlement of Spade's share by giving land and notes payable.

17) The DELS partnership was formed by combining individual accounting practices on May 10, 20X1. The initial investments were as follows:

	Current Value			Tax Basis
Delaney:
Cash	$	8,600		$	8,600
Building		60,800			33,000
Mortgage payable, assumed by DELS		36,500			36,500
Engstrom:
Cash		9,400			9,400
Office furniture		24,100			17,700
Note payable, assumed by DELS		10,700			10,700
Lahey:
Cash		12,400			12,400
Computers and printers		18,500			21,500
Note payable, assumed by DELS		16,200			16,200
Simon:
Cash		22,400			22,400
Library (books and periodicals)		7,300			5,300

Required: a. Prepare the journal entry to record the initial investments using GAAP accounting. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b. Calculate the tax basis of each partners capital if Delaney, Engstrom, Lahey, and Simon agree to assume equal amounts for the payables.