John, Mary and Steven are partners. The capital accounts of each partner on December 31, 2022 are $100,000, $200,000 and $300,000, respectively. The partners have agreed to share profits and loss in proportion to their capital accounts. The partnership decides to buy out Steven's partnership interest. Requirements 1. Journal the purchase for cash of Steven's partnership interest for $345,000. 2. Journal the purchase for cash of Steven's partnership interest for $240,000.

Hewitt and Patel are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $6,000 and $4,000, respectively. After all noncash assets are sold and all liabilities are paid, there is a cash balance of $8,000. Question Content Area a.  What is the amount of a gain or loss on realization?   $fill in the blank a082cef9b012fe9_2   Question Content Area b.  How should the gain or loss be divided between Hewitt and Patel? Hewitt   $fill in the blank fe57f5f50043050_2 Patel   $fill in the blank fe57f5f50043050_4   Question Content Area c.  How should the cash be divided between Hewitt and Patel? If an amount is zero, enter "0". blankHewitt and PatelDistribution of Cash   Hewitt Patel Capital balances before realization $fill in the blank 2e3dfe08df82014_1 $fill in the blank 2e3dfe08df82014_2 Division of gain or loss on realization fill in the blank…

The E.N.D. partnership has the following capital balances as of the end of the current year: Pineda $ 270,000 Adams 240,000 Fergie 230,000 Gomez 220,000 Total capital $ 960,000 Answer each of the following independent questions: Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $269,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners? Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $355,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners? (Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.)

The SSC, a cash-method partnership, has a balance sheet that includes the following assets on December 31 of the current year: Basis FMV $ 180,000 $ 180,000 0 Cash Accounts receivable 60,000 120,000 $ 270,000 $360,000 Susan, a one-third partner, has an adjusted basis of $90,000 for her partnership interest. If Susan sells her entire partnership interest to Emma for $100,000 cash, what is the amount and character of Susan's gain or loss from the sale? Group of answer choices $10,000 capital gain $10,000 ordinary income $20,000 ordinary income; $10,000 capital gain $10,000 capital loss; $20,000 ordinary income Land Total 90,000