Question: Please complete/correct my spreadsheet based on the problem below. Assume the partnership of Howell, Madrid, and Waldrop has been in existence for a number of

Please complete/correct my spreadsheet based on the problem below. Assume the

Please complete/correct my spreadsheet based on the problem below.

partnership of Howell, Madrid, and Waldrop has been in existence for anumber of years. Howell decides to withdraw from the partnership when the

Assume the partnership of Howell, Madrid, and Waldrop has been in existence for a number of years. Howell decides to withdraw from the partnership when the partners' capital balances are as follows: Profit and Capital Loss Partner Balance Ratio Howell $60,000 4 Madrid 15,000 3 Waldrop 25,006 2 An appraisal of the business and its net assets estimates the fair value to be $154,000. Land with a book value of $20,000 has a fair value of $35,000. Howell has agreed to receive $84,000 in exchange for her partnership interest. Prepare the journal entries for the dissolution of Howell's partnership interest, assuming the goodwill method is to be applied.

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