Liam. Michael and Noah own interests in the LMN Partnership. Their current capital account balances are as follows: Partnership income is shared in a 1:5:4 ratio. Olivia buys a 20% interest in the partnership by acquiring 20% of each existing partner's interest, paying the three partners a total of $300,000. Partnership identifiable net assets are currently reported at amounts approximating fair value. Using the recognition of implied goodwill approach, implied goodwill is: Select one: a. $500,000 b. $800.000 c. $300,000 di. $100.000 The capital balances of the DEF Partnership are as follows: The partners' income sharing ratio is: Danielson, 25\%; Eklund, 45%; Forsberg, 30%. Gustafson joins the partnership by contributing $140,000 to the partnership for a 20% interest in partnership capita Assume the partnership's identifiable net assets are carried at amounts approximating fair value. If the goodwill method is used to record the admission of Gustafson. Forsberg's capital balance immediately after the addition of Gustafson is: Select one: a. $232500 b. $171.000 c $109,900 d. $190.500 AU.S. parent has a wholly-owned subsidiary in Iceland. The subsidiary's accounts are reported in Icelandic kronor. Under what circumstances will the U.S. parent remeasure the subsidiary's accounts from Icelandic kronor to U.S. dollars? Select one: a. The subsidiary's functional currency is the Icelandic krona. b. The subsidiary's functional currency is a currency other than the Icelandic krona or the U.S. dollar. c. The subsidiary's functional currency is the U.S. dollar. d. Iceland does not have a highly inflationary economy