B. Higgins, J. Mayo, and N. Rice have capital balances of $87,500, $80,000, and $66,000, respectively. They share income or loss on a 5:3:2 basis. Rice withdraws from the partnership under each of the following conditions. 1. Rice is paid $70,880 in cash from partnership assets, and a bonus is granted to the retiring partner. 2. Rice is paid $60,000 in cash from partnership assets, and bonuses are granted to the remaining partners.

Daggett, Lamppin, and Pendergast are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $143,000, $89,000, and $58,000, respectively.   Assume instead that Daggett leaves the partnership. Daggett is paid $177,000 with a bonus to the retiring partner.Prepare the journal entry to record Daggett’s withdrawal. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Debit Credit select an account title                                                                        enter a debit amount enter a credit amount select an account title                                                                        enter a debit amount enter a credit amount select an account title                                                                        enter a debit amount enter a credit amount…

Partner Bob’s basis in his partnership interest is $50,000. What gain or loss is recognized, and what are Bob’s basis in the property received and his basis in his partnership interest, if the partnership makes the following independent proportionate nonliquidating distributions?   Partnership distributes $40,000 in cash. Partnership distributes $60,000 cash. Partnership distributes $40,000 cash and accrual basis accounts receivable with a $20,000 basis and value.

Siham and Dalia are partners with capital balances of $60,000 and $40,000, respectively. Profits and losses are divided in the ratio of 60:40. Siham and Dalia decided to form a new partnership with Jamileh, who invested land valued at $40,000 for a 20 percent capital interest in the new partnership. Jamileh's cost of the land was $35,000. The partnership elected to use the bonus method to record Jamileh's admission into the partnership. Jamileh's capital account should be credited for a. $40,000. b. $28,000. c. $35,000. d. $27,000.