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:
Ace, Capital ..... $150,000
Jack, Capital ..... 200,000
Spade, Capital..... 120,000

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.
a. Jack acquired Spade’s capital interest for $150,000 in a personal transaction. Partnership assets were not revalued, and partnership goodwill was not recognized.
b. Assume the same facts as in part a except that partnership goodwill applicable to the entire business was recognized by the partnership.
c. Spade received $180,000 of partnership cash upon retirement. Capital of the partnership after Spade’s retirement was $290,000.
d. Spade received $60,000 of cash and partnership land with a fair value of $120,000. The carrying amount of the land on the partnership books was $100,000. Capital of the partnership after Spade’s retirement was $310,000.
e. Spade received $150,000 of partnership cash upon retirement. The partnership recorded the portion of goodwill attributable to Spade.
f. Assume the same facts as in part e except that partnership goodwill attributable to all partners was recorded.
g. Because of limited cash in the partnership, Spade received land with a fair value of $100,000 and a partnership note payable for $50,000. The land’s carrying amount on the partnership books was $60,000. Capital of the partnership after Spade’s retirement was $360,000.