Required information [The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5. Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20x5: Ace, Capital Jack, Capital Spade, Capital $151,300 200,400 121,000 The partners allocate partnership income and loss in the ratio 20:30:50, respectively Required: Record Spade's withdrawal under each of the following independent situations e Spade received S151,800 of partnership cash upon retirement. The partnership recorded the portion of goodwill attributable to Spade. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Event 1 Goodwill Spade, Capital Required information [The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5. Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20x5: Ace, Capital Jack, Capital Spade, Capital $151,300 200,400 121,000 The partners allocate partnership income and loss in the ratio 20:30:50, respectively Required: Record Spade's withdrawal under each of the following independent situations e Spade received S151,800 of partnership cash upon retirement. The partnership recorded the portion of goodwill attributable to Spade. (if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No General Journal Debit Credit Event 1 Goodwill Spade, Capital Required information [The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20x5 Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20x5: Ace, Capital Jack, Capital Spade, Capital $151,300 200,400 121,000 The partners allocate partnership income and loss in the ratio 20 30:50 respectively Required: Record Spade's withdrawal under each of the following independent situations d. Spade received $60,100 of cash and partnership land with a fair value of $120 300. The carrying amount of the land on the partnership books was $100,400. Capital of the partnership after Spade's retirement was $312. 200 (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete and correct. No Event General Journal Credit Debit 19.900 1 Land Ace, Capital Jack, Capital Spade, Capital OOOO 3,980 5,970 9.950 B 2 Ace Capital Jack, Capital Spade. Capital Land Cash OOOOO 19,780 29,670 130.950 120.300 60.100 Required information [The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5. Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20x5: Ace, Capital Jack, Capital Spade, Capital $151,300 200,400 121,000 The partners allocate partnership income and loss in the ratio 20 30:50, respectively, Required: Record Spade's withdrawal under each of the following independent situations Spade received $151,800 of partnership cash upon retirement. The partnership goodwill attributable to all the partners was recorded (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit A 1 Goodwill Spade, Capital B 2 Spado, Capital Cash Required information [The following information applies to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 2005 Ace, Capital Jack, Capital Spade, Capital $151,300 200,400 121,000 The partners allocate partnership income and loss in the ratio 20:30:50. respectively Required: Record Spade's withdrawal under each of the following independent situations. g. Because of limited cash in the partnership. Spade received land with a fair value of $100,400 and a partnership note payable for $50,800. The land's carrying amount on the partnership books was $61700. Capital of the partnership after Spade's retirement was $360,200. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 Land Ace, Capital Jack. Capital Spade, Capital B 2 Aco, Capital Jack, Capital
