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need help calcutalting goodwill! A partnership of attorneys in the St. Louis, Missouri area has the following balance sheet accounts as of January 1, 2021
need help calcutalting goodwill!
A partnership of attorneys in the St. Louis, Missouri area has the following balance sheet accounts as of January 1, 2021 3 Assets $426,60 Liabilities Athos, capital Porthos, capital Arants, Capital $110,000 112,00 122.000 22.000 9.67/10 powded Scored 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 esset 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 partnersto a. Porthos, with permission of the other partners, decides to sell half of his partnership interest to D'Artagnan fot 570.000 in cash. No asset revaluation or goodwill is to be recorded by the partnership . All three of the present partners agree to sell 10 percent of each partnership interest to D'Artagnan for a total cash payment of $32.000. Each partner receives a negotiated portion of 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 $40,000 in cash direct 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 $42.000 in cash direct to the business. The goodwill method is used to record this transaction Aramis decides to retire and leave the partnership. An independent appraisal of the business and its assets indicates a current for value of $366,000. Goodwill is to be recorded. Arame widthen 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. Required Required Required Roured Required D'Artagnan is allowed to become a partner with a 15 percent ownership Interest by contributing 542.000 in cash Grectly to the business. The goodwill method is used to record this transaction (no entry is required for a transaction event select "No journal entry required in the first account field. Do not round intermediate calculations. Round the final answers to nearest dollar amounts.) Show less VOCH This window shows your responses and what was marked correct and incorrect from your previous attempt 3 067/0 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 liability 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 Porthos, with permission of the other partners cecides to sell all of his partnership Interest to tagnan do 3/0,000 in cash. No asset revaliation 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 $32,000 Each partner receives a negotiated portion of this amount Goodwi 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 500.000 in the 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 partnerstvo is recorded by the goodwill method e. D'Artagnan is allowed to become a partner with a 15 percent ownership interest by contributing $42.000 in cash rectly to the business. The goodwil method is used to record this transaction 1. Aramis decides to retire and leave the partnership. An independent appraisal of the business and assets indicates a current for value of $306.000. 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. Required Requr Required Dequired e Red D'Artagnan is a lowed to become a partner with a 15 percent ownership interest by contributing 542,000 in cash directly to the business. The goodwill method is used to record this transaction ( no entry is for transaction/event, sed "Nournal entry required in the list account fold Do not found intermediate calaton Round the sto nearest or amounts.) Show NO Traction Coloma Det 1 Ca 22.000 Doodwill Artagnan, Tololo OOO Step by Step Solution
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