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The statement of financial position of the FAS partnership at December 31, 2018, appears below: Partners F, A, and S share profits and losses 30:
The statement of financial position of the FAS partnership at December 31, 2018, appears below: Partners F, A, and S share profits and losses 30: 20: 50, respectively. Each question below is independent of the others. a Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare yhe journal entry when S retires and no goodwill is recognized? b. Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare yhe journal entry when S retires S's goodwill is recognized? C. Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare yhe journal entry when S retires goodwill is recognized
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