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The balance sheet for A. B and C partnership was as follow: 70,000 Assets Cash 120.000 AP Partnership capital: (30%) A (20%) B (50%) C 60,000 90,000 50,000 land equipment Other assets Total assets 40,000 50,000 60,000 270,000 Total liabilities and capital 270.000 At that date C retires and he is paid $75,000 as a final settlement for his interests. Required: 1) Make the appropriate journal entries under goodwill approach assuming all assets are correctly valued except the land with a fair value 51,000?...(Spoints) 2) Prepare the balance sheet after retirement under goodwill approach?...(5 points) Answer; Journal entries: (5 points) Balance sheet under goodwill after retirement: ... ..(5 points) AP Assets Cash land equipment Other assets goodwill Total assets Partnership capital: (%)A, capital (...% )B, capital Total liabilities and capital