3. Dissociation of a Current Partner (pages 790-792) Example: (P15-15, revised) The partnership of Ace, Jack, and Spade has been in business for 25 years who share profits and losses on a 2:3:5 basis. On December 31, 2020, the partnership balance sheet reported the following capital balances for each partner: Ace, Capital Jack, Capital Spade, Capital Total equity $ 150,000 200,000 120,000 $470,000 Spade is to retire!