Total 3. Sherlock and Holmes have had a successful partnership, but now Sherlock wants to retire Account balances after restating the assets and liabilities for the partnership are below $180,000 Tangible assets Liabilities Sherlock, Capital Holmes 40,000 60,000 80,000 Capital Sherlock and Holmes residual profit and loss ratio is 40:60 Sherlock sells his equity to Watson for $85,000 and Holmes accepts him as a partner Record the withdrawal of Sherlock from the partnership and the admission of Watson A. To record the transfer of Sherlock's capital to Watson B. Sherlock and Holmes sell 50 percent of their equity to Watson for $50,000 each To record transfer of Sherlock and Holmes' capital to Watson 4. Assume that, instead of Sherlock retiring, Sherlock and Holmes decide to admit Watson asa new partner to take on some of the work. Watson has agreed to pay $45,000 for a 25 percent equity interest in the partnership. Using the information in 3) above, record the admission of Watson to the partnership using the Bonus method To record the admission of Watson B. Goodwill Method To record admission of Watson 5. Assume Watson is wiling to pay $75,000 for a 30 percent equity interest Record the admission using the: A. Bonus method: To record admission of Watson 8. Goodwill method To record goodwill to Sherlock and Holmes To record admission of Watson