Help Seve Shit You received partial credit in the previous attempt 3 View previous em Apartnership of attomes in the St. Louis, Missouri area has the following balance sheet accounts as of January 1 2021 10 Assets $493,000 Liabilities Athos, capital Porthos, capital Aranis, capital 1340,000 110.000 120,00 100.000 According to the articles of partnership. Athos is to receive an location of 50 percent of a partnership profits and losses, while Porthos receives 30 percent, and Aramis, 20 percent. The book value of each esset and ability should be considered an accurate representation of fair value For each of the following independent situations, prewe the journal entry or entries to be recorded by the partnership Broncos - Porthes with permission of the other partners, decides to sell at of his partnership interest to D'Artagnan for 588.000 in cash. No asset revaluation or goodwill is to be recorded by the partnership b. Al three of the present partners agree to sell 10 percent of each partnership interest to D'Artagnan for a total cash payment of $40,000 Each partner receives a negotiated portion this amount Goodwill is recorded as a result of the transaction c. D'Artagnan is allowed to become a partner with a 10 percent ownership Interest by contributing $52.000 in cash directly into the business. The bonus method is used to record this admission d. Use the same facts as in requirement (except that the entrance into the partnership is recorded by the goodwill method e D'Artagnan is allowed to become a partner with a 15 percent ownership interest by contributing $60.000 in cash direct to the business. The goodwill method is used to record this transaction 1. Aramis decides to retire and leave the partnership An independent appraisal of the business and its assets indicates a current value of $426,000. Goodwil is to be recorded. Aramis will then be given the exact amount of cash that will close out his capital account Complete this question by entering your answers in the tabs below. View previous B A partnership of attorneys in the St. Louis, Missouri, area has the following balance sheet accounts as of January 1, 2021 Assets $ 498,000 Liabilities Athos, capital Porthos, capital Aramis, capital 5 148,000 130,000 120,000 100,000 According to the articles of partnership, Athos is to receive an allocation of 50 percent of all partnership profits and losses, while Porthos receives 30 percent, and Aramis, 20 percent. The book value of each asset and ability should be considered an accurate representation of fair value. For each of the following independent situations, prepare the journal entry or entries to be recorded by the partnership, 5 a. Porthos, with permission of the other partners, decides to sell half of his partnership interest to D'Artagnan for $88,000 in cash. No asset revaluation or goodwill is to be recorded by the partnership b. All three of the present partners agree to sell 10 percent of each partnership interest to D'Artagnan for a total cash payment of $40,000. Each partner receives a negotiated portion ofishis amount. Goodwill is recorded as a result of the transaction c. D'Artagnan is allowed to become a partner with a 10 percent ownership interest by contributing $52,000 in cash directly into the business. The bonus method is used to record this admission d. Use the same facts as in requirement (except that the entrance into the partnership is recorded by the goodwill method. e. D'Artagnan is allowed to become a partner with a 15 percent ownership interest by contributing $60,000 in cash directly to the business. The goodwill method is used to record this transaction f. Aramis decides to retire and leave the partnership. An independent appraisal of the business and its assets indicates a current fair value of $426,000. Goodwill is to be recorded. Aramis will then be given the exact amount of cash that will close out his capital account Complete this question by entering your answers in the tabs below
