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A dental partnership has the following capital balances as of the end of the current year:
Pineda $ 330,000
Adams 290,000
Fergie 260,000
Gomez 240,000
Total capital $ 1,120,000
a. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $296,000 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?
Partner
Capital Balance
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Pineda
Adams
Gomez
b. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $350,000 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?
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