Reference no: EM132513458
Question - Quincy has decided to retire from the partnership of Quincy, Robert, and Sam. The partnership will pay Quincy $400,000. Total partnership capital should be revalued based on the excess payment to Quincy.
(Assume the book values of the assets listed below equals fair values.) A summary balance sheet for the Quincy, Robert, and Sam partnership appears below. Quincy, Robert, and Sam share profits and losses in a ratio of 1:1:3, respectively.
Assets Cash $ 150,000; Marketable securities 76,000; Inventory 164,000; Land 300,000;
Building-net 510,000; Total assets $1,200,000
Equities Quincy, capital 320,000; Robert, capital 280,000; Sam, capital 600,000;
Total equities $1,200,000
Required - What goodwill will be recorded? A) $80,000 B) $240,000 C) $320,000 D) $400,000.
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