Homework answers / question archive / The statement of financial position of the FAS partnership at December 31, 2018, appears below: CASH $400,000 LIABILITIES $80,000 OTHER ASSETS 800,000 F, CAPITAL 280,000 A, CAPITAL 460,000 S, CAPITAL 380,000 TOTAL ASSETS 1,200,000 TOTAL LIABILITIES AND CAPITAL 1,200,000 Partners F, A, and S share profits and losses 30:20:50, respectively

The statement of financial position of the FAS partnership at December 31, 2018, appears below: CASH $400,000 LIABILITIES $80,000 OTHER ASSETS 800,000 F, CAPITAL 280,000 A, CAPITAL 460,000 S, CAPITAL 380,000 TOTAL ASSETS 1,200,000 TOTAL LIABILITIES AND CAPITAL 1,200,000 Partners F, A, and S share profits and losses 30:20:50, respectively

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The statement of financial position of the FAS partnership at December 31, 2018, appears below:

CASH $400,000 LIABILITIES $80,000

OTHER ASSETS 800,000 F, CAPITAL 280,000

A, CAPITAL 460,000

S, CAPITAL 380,000

TOTAL ASSETS 1,200,000 TOTAL LIABILITIES AND CAPITAL 1,200,000

Partners F, A, and S share profits and losses 30:20:50, respectively.  

Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare the journal entry when S retires and all goodwill is recognized?  Please, show all computations.