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Partnership of Deb, Ren and Ken is liquidating and their ownership percentage is 50%, 30% and 20% respectively. Goodwill having the book value of $50,000
"Partnership of Deb, Ren and Ken is liquidating and their ownership percentage is 50%, 30% and 20% respectively. Goodwill having the book value of $50,000 is written off. Journal entry will "
A "Debit Deb account $25,000, Debit Ren $15,000, Debit Ken 10,000, Credit goodwill $50,000"
B "Debit goodwill $50,000, Credit Deb account $25,000, Credit Ren $15,000, Credit Ken 10,000"
C "Debit goodwill $50,000, Credit Deb account $25,000, Credit Ren $10,000, Credit Ken 15,000"
D "Debit Deb account $25,000, Debit Ren $10,000, Debit Ken 15,000, Credit goodwill $50,000"
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