Equipment contributed in a partnership formation is recorded an a. cost b. book value c. fair value d. zero Which of following methods is in accordance with GAAP when a partner retires? a) Goodwill to retiring partner. b) Goodwill to all partners c) Bonus to retiring partner d) All the above are GAAP Use the following answer questions The APB partnership agreement specifies that partnership net income be allocated as follows: Average capital balances for the current year were $50,000 for A $30,000 for P and S20.000 for B. Refer to the information given. Assuming a current year net income of $150,000, what amount of income partner? Refer to the information given Assuming a current year net income of $50,000, what amount of income should be allocated to each partner