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Wilson withdraws from his partnership, which has the current capital balances and profit-loss ratio below. At the time of Wilson's withdrawal, the partnership' fair value
Wilson withdraws from his partnership, which has the current capital balances and profit-loss ratio below. At the time of Wilson's withdrawal, the partnership' fair value is appraised at $150,000 by an independent appraiser. Partner Capital Balance Share in Profit or Loss Jack $ 50,000 Jill 30,000 Wilson 20,000 Total $ 100,000 30% 50% 20% 100% a) Prepare a journal entry using a bonus method based on the independent appraisal Show your work, too. (7 points) b) After Wilson withdraws from the partnership, compute each partner's capital balance and total capital balance on the following table. (3 points)
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