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32 Cherryhill and Hace had been partners for several years, and they decided to admit Quincy to the partnership. The accountant for the partnership believed that the dissolved partnership and the newly formed partnership were two separate entities. What method would the accountant have used for recording the admission of Quincy to the partnership? A) The bonus method. B) The equity method. C) The goodwill method. D) The proportionate method. E) The cost method. Donald, Anne, and Todd have the following capital balances; S40,00o, s50,000 and $30,000 respectively. The partners share profits and losses 20%, 40%, and 40% respectively. the goodwill 33. Anne retires and is paid S80,000 based on an independent appraisal of the business. If method is used, what is the capital of the remaining partners? A) Donald, $55,000; Todd, $60,000 B) Donald, $40,000; Todd, $30,000 C) Donald, $65,000; Todd, $55,000 D) Donald, $15,000; Todd, $30,000 E) Donald, $25,000; Todd, SO 34. Anne retires and is paid $80,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital of the remaining partners? A) Donald, $40,000; Todd, $30,000 B) Donald, $30,000; Todd, $10,000 C) Donald, $50,000; Todd, $50,000 D) Donald, $24,000; Todd, $18,000 E) Donald, $70,000; Todd, $40,000 35 What is the total partnership capital after Anne retires receiving $80,000 and using the bonus method? A) $70,000. B) $40,000. C) $60,000. D) $80,000. E) $42,000