Petersen, one of your cli-ents, has indicated that Jacobsen is interested in buying Petersens interest in the partnership.Relevant information:Information regarding partners: . . . . . . .Partner . . . . . . . . . . . . . . . . . . . . . . . . .JacobsenPetersenOlsenPartners capital balance . . . . . . . . . . .$150,000$100,000$50,000Partners profit and loss percentage. . .30%50%20%Information regarding net asset values:Account title . . . . . . . . . . . . . . . . . . . . . Note Payable Net Receivables Net Patents Net EquipmentBook value . . . . . . . . . . . . . . . . . . . . . .$130,000$ 90,000$50,000$300,000Market value . . . . . . . . . . . . . . . . . . . .145,00084,00030,000350,000Petersen has asked you a number of questions regarding selling his interest in the partner-ship. It is important to note that the partners vote on partnership matters in the same propor-tion as their profit and loss percentages.Prepare a response to each of the following questions:1. Given the above information, what is the suggested value of Petersens interest in thepartnership?2. Petersen believes that there is significant additional value traceable to the partnership that isnot reflected in the above information. In particular, Petersen believes that the partnershiphas significant goodwill and feels that his interest in the partnership is worth $130,000.What amount of total entity goodwill is suggested by this value?3. If Petersen were to sell half of his interest in the partnership to Jacobsen and half to Olsen,why might the value of the two halves not be the same?4. If Petersen were to sell one-half of his interest to the partnership for $60,000, what wouldhis new capital balance be after the sale? Assume that all previously recognized net assets arerecorded at their market values but that only the goodwill traceable to Petersens partial saleof an interest is recognized.5. What might be some advantages to Petersen and Jacobsen of the partnership acquiring Peter-sens interest rather than selling to an individual?