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Show me the steps to solve Tom Lovett, a partner in an accounting firm, decided to withdraw from the partnership. Lovett s share of the
Show me the steps to solve Tom Lovett, a partner in an accounting firm, decided to withdraw from the partnership. Lovetts share of the partnership profits and losses was Upon withdrawing from the partnership, Lovett was paid $ in final settlement of his interest. The total of the partners capital accounts before recognition of partnership goodwill prior to Lovetts withdrawal was $ After Lovetts withdrawal, the remaining partners capital accounts, excluding their share of goodwill, totaled $ Based upon this information, the total agreed upon goodwill of the firm was?
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