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Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $290,000 based on the terms of the original partnership agreement.
Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $290,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)
Pineda $190,000
Adams 170,000
Fergie 160,000
Gomez 150,000
Total capital 670,000
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