Chico and Dino share net income and losses in a 7:3 ratio and have capital balances of $35,000 and $30,000 respectively. Filo invests $25,000 for a one third interest in the partnership. Prepare the journal entry if the bonus method is used.

Show all computations.

PROBLEM 5 -8 points

The statement of financial position of the FAS partnership at December 31, 2018, appears below:

Partners F, A, and S share profits and losses 30:20:50, respectively.

.Refer to the above information.Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare the journal entry when S retires and all goodwill is recognized? Show all computations.