6)

Debra and Merina sell electronic equipment and supplies through their partnership. They wish to expand their computer lines and decide to admit Wayne to the partnership. Debras capital is $200,000, Merinas capital is $160,000, and they share income in a ratio of 3:2, respectively.

f. Wayne invests $79,000 for a 20 percent interest in the total capital of $439,000. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record Wayne's investment of $79,000 for the one-fifth interest given that the total capital is $439,000.

9)

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.

a. Jack acquired Spades capital interest for $150,600 in a personal transaction. Partnership assets were not revalued, and partnership goodwill was not recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record Spade's capital interest that was acquired in a personal transaction with Jack.

13) The following information applies to the questions displayed below.] 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.

e. Spade received $150,900 of partnership cash upon retirement. The partnership recorded the portion of goodwill attributable to Spade. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Record the payment of $150,900 upon retirement to Spade and the recognition of goodwill.