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Richard retires receiving 60000 cash from the partnership

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Reference no: EM13590064

Johann, Josef, and Richard are partners in the Strauss Partnership with the following capital and profit and loss:

  • Johann 25% $28,000
  • Josef 25% $32,000
  • Richard 50% $40,000

Richard retires receiving $60,000 cash from the partnership in full settlement of his partnership interest. What will Johann and Josef's capital balances be after Richard's retirement. No goodwill is recorded.

  • Johann = $18,000; Joseph = $22,000
  • Johann = $28,000; Joseph = $32,000
  • Johann = $10,000; Joseph = $10,000
  • Johann = $38,000; Joseph = $42,000

Reference no: EM13590064

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