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Agler, Bates and Colter are partners who share income in a 3:5:2 ratio. Colter, whose capital balance is $150,000, retires from the partnership. Required: Determine
Agler, Bates and Colter are partners who share income in a 3:5:2 ratio. Colter, whose capital balance is $150,000, retires from the partnership. Required: Determine the amount paid to Colter under each of the following cases: (1) $50,000 is debited to Agler capital account; the bonus approach is used. (2) Goodwill of $60,000 is recovded; the partial goodwill approach is used. (3) 566,000 is credited to Bates capital account; the total goodwill approach is used
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