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 31,205 : 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. Jack acquired Spade's capital interest for $151,500 in a personal transaction. Partnership assets were not revalued, and parthership joodwill was not recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account ield.) Journal entry worksheet Record Spade's capital interest that was acquired in a personal transaction with Jack. Noter: Entec debits befare credits The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The parthership balance sheet reported the following capital balances for each partner at December 31, 20X5: The portners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. b. Jack acquired Spade's capital interest for $151,500 in a personal transaction. Partnership assets were not revalued, and partnership goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A. Record the recognition of goodwill and the allocation to the partners. B. Record the transfer of capital. 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 31,205 : 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 $180,600 of partnership cash upon retirement. Capital of the partnership after Spade's retirement was $293,600. (If 10 entry is required for a transaction/event, select "No journal entry required" in the first account fieid.) Journal entry worksheet Record the payment of the bonus to Spade upon his retirement. Notel Enter debuts before credus. The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31,205, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: 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 $60,600 of cash and partnership land with a fair value of $120,700. The carrying amount of the land on the parthership books was $100,800. Capital of the partnership after Spade's retirement was $312,800. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A Record the revaluation of land. a. Record the payment of cash and land to Spade upon his retirement. 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: 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 $150,300 of partnership cash upon retirement. The partnership recorded the portion of goodwill attributable to sade. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the payment of $150,300 upon retirement to spade and the recognition of goodwill. Note Enter debits before credits. 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: 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. f. Spade received $150,300 of parthership cash upon retirement. The parthership goodwill attributable to all the portners was recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A Record the recognition of goodwill for the entire firm upon Spade's retirement. B. Record the payment of the bonus to Spade upon his irement. retirement. 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: The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spode's withdrawal under each of the following independent situations. 2. Because of limited cash in the partnership, Spade recelved land with a fair value of $101,300 and a partnership note payable for 50,200 . The land's carrying amount on the parthership books was $61,100. Capital of the partnership after Spade's retirement was 362,900. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
