Student name. The balance sheet for A, B and C partnership was as follow: Assets Cash land equipment Other assets Total assets AP 70,000 120,000 Partnership capital: (30%) A 60,000 (20%) B 90,000 (50%) C 50,000 40,000 50,000 60,000 270,000 Total liabilities and capital 270,000 At that date C retires and he is paid $60,000 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 45000?...(5 points) 2) Prepare the balance sheet after retirement under goodwill approach?...(5 points)