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At year-end, the Queen Clty partnership has the following capltal balances: Profits and losses are split on a 3:3:2:2 basis, respectlvely. Ellzabeth decides to leave
At year-end, the Queen Clty partnership has the following capltal balances: Profits and losses are split on a 3:3:2:2 basis, respectlvely. Ellzabeth decides to leave the partnership and Is pald $320,000 from the business based on the original contractual agreement. Required: The payment made to Ellzabeth beyond her capltal account was for Ellzabeth's share of prevlously unrecognized goodwill. After recognizing partnership goodwill, compute Isabella's capital balance after Ellzabeth withdraws
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