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Black, White and Green are partners, having capital balances of $20,000, $50,000 and $40,000 respectively. The partners Time left 0:28:48 share net income equally.
Black, White and Green are partners, having capital balances of $20,000, $50,000 and $40,000 respectively. The partners Time left 0:28:48 share net income equally. Green has decided to leave the partnership. After the revaluation of the assets, Green's capital balance is updated to $75,000. Journalize the withdrawal of Green in the following independent scenarios: a. The partnership business pays Green cash of $50,000 and gave a 60 days, 5% note for the remaining equity. (3 pts) b. Green sells his equity to Black for $100,000. (2 pts) c. Based on (a), calculate how much will the partnership pay Green at the time the note matures? (1 pt) Use a 360 day- year and round any decimal to the the nearest dollar. Show your calculation.
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