Ellery Stevens, senior partner in a rapidly growing local CPA firm has decided to retire. His...

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Ellery Stevens, senior partner in a rapidly growing local CPA firm has decided to retire. His share in the firm's profits and losses is 25 percent and his capital account has a balance of $180,000. To $800,000. Under the partnership agreement. Stevens will receive $300,000 upon retirement. Required a: Calculate the bonus to Stevens and the total capital of the firm after Stevens retirement. Stevens bonus Amount Total capital of firm after Stevens' retirement S b. Prepare the journal entries to record Stevens retirement, if the partial goodwill approach is used. Description To record partial goodwill. Debit Credit 0 0 0 0 0 to record retirement payment to Stevens c. Calculate the amount of goodwill recognized if the total goodwill approach is used. Prepare the journal entries to record Stevens' retirement using the total goodwill approach Description Credit Debit 0 O 0 To record total goodwill. 0 0 0 0 To record retirement payment to Stevens Ellery Stevens, senior partner in a rapidly growing local CPA firm has decided to retire. His share in the firm's profits and losses is 25 percent and his capital account has a balance of $180,000. To $800,000. Under the partnership agreement. Stevens will receive $300,000 upon retirement. Required a: Calculate the bonus to Stevens and the total capital of the firm after Stevens retirement. Stevens bonus Amount Total capital of firm after Stevens' retirement S b. Prepare the journal entries to record Stevens retirement, if the partial goodwill approach is used. Description To record partial goodwill. Debit Credit 0 0 0 0 0 to record retirement payment to Stevens c. Calculate the amount of goodwill recognized if the total goodwill approach is used. Prepare the journal entries to record Stevens' retirement using the total goodwill approach Description Credit Debit 0 O 0 To record total goodwill. 0 0 0 0 To record retirement payment to Stevens