Luca has decided to retire from the partnership of Luca, Brandon, and Noel. The partnership will pay

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Luca has decided to retire from the partnership of Luca, Brandon, and Noel. The partnership will pay Luca $400,000. Total partnership capital should be revalued based on the excess payment to Luca. The book values of the assets equals fair values. Luca, Brandon, and Noel share profits and losses in a ratio of 1:1:3, respectively. Capital balances are: Luca Capital: $320,000 Brandon Capital: $280,000 and Noel Capital: $600,000 What's the Luca's capital fair value? What goodwill will be recorded?

Posted Date: Sep 17, 2021 04:54 PM

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Luca has decided to retire from the partnership of Luca, Brandon, and Noel. The partnership will pay

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