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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
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.
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PFA
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