No A 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: B Ace, Capital Jack, Capital Spade, Capital b. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnersh goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, selec "No journal entry required" in the first account field.) 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. $151,800 201,900 121,700 Event 1 2 Goodwill Ace, Capital Jack, Capital Spade, Capital Spade, Capital Jack, Capital Answer is not complete. General Journal Debit 60,200 151,400 Credit 151,400
No A 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: B Ace, Capital Jack, Capital Spade, Capital b. Jack acquired Spade's capital interest for $151,400 in a personal transaction. Partnership assets were not revalued, and partnersh goodwill applicable to the entire business was recognized by the partnership. (If no entry is required for a transaction/event, selec "No journal entry required" in the first account field.) 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. $151,800 201,900 121,700 Event 1 2 Goodwill Ace, Capital Jack, Capital Spade, Capital Spade, Capital Jack, Capital Answer is not complete. General Journal Debit 60,200 151,400 Credit 151,400
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 59P
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Please do not give solution in image format ?
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No
A
Required information
[The following information applies to the questions displayed below.]
B
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
Jack, Capital
Spade, Capital
b. Jack acquired Spade's capital interest for $151,400 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.)
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.
$151,800
201,900
121,700
Event
1
2
Goodwill
Ace, Capital
Jack, Capital
Spade, Capital
Spade, Capital
Jack, Capital
> Answer is not complete.
General Journal
3 34 3
>>
✓
Debit
60,200 x
151,400 ✓
Credit
151,400✔](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb9ad1df3-aeab-45e7-ab97-13476eebd517%2F7225e896-2c49-4b2b-b323-26dfdcf468a5%2Fzfgjqb_processed.jpeg&w=3840&q=75)
Transcribed Image Text:!
No
A
Required information
[The following information applies to the questions displayed below.]
B
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
Jack, Capital
Spade, Capital
b. Jack acquired Spade's capital interest for $151,400 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.)
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.
$151,800
201,900
121,700
Event
1
2
Goodwill
Ace, Capital
Jack, Capital
Spade, Capital
Spade, Capital
Jack, Capital
> Answer is not complete.
General Journal
3 34 3
>>
✓
Debit
60,200 x
151,400 ✓
Credit
151,400✔
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