Question
Skye and Chase Partnership agree to admit Rubble. Capital balances of Skye and Chase are $98,000 and $121,000, respectively. Skye and Chase share profits/(losses) on
Skye and Chase Partnership agree to admit Rubble. Capital balances of Skye and Chase are $98,000 and $121,000, respectively. Skye and Chase share profits/(losses) on a 65:35 basis. Rubble invests $82,000 for a 25% interest. What amount of implied Goodwill will be recorded by the partnership?
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| a) | $301,000 |
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| b) | $ 82,000 |
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| c) | $328,000 |
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| d) | $ 27,000 |
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
