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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 20%. Upon withdrawing from the partnership, Lovett was paid $74,000 in final settlement of his interest. The total of the partners capital accounts before recognition of partnership goodwill prior to Lovetts withdrawal was $210,000. After Lovetts withdrawal, the remaining partners capital accounts, excluding their share of goodwill, totaled $160,000. Based upon this information, the total agreed upon goodwill of the firm was?

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