The partnership of Ace, Jack, and Spade has been in business for 25 years. On December...

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The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: Ace, Capital Jack, Capital Spade, Capital $151,000 200,100 121,600 The partners allocate partnership Income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following Independent situations. d. Spade received $60,500 of cash and partnership land with a fair value of $120,800. The carrying amount of the land on the partnership books was $101,200. Capital of the partnership after Spade's retirement was $311,000. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction Bat Journal entry worksheet A B Record the revaluation of land. Event flang Ace, Capital Jack, Capital Spade, Capital General Journal Debit Credit Prev 21 37 B3 34 35 The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: Ace, Capital Jack, Capital Spade, Capital $151,000 200,100 121,600 The partners allocate partnership Income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following Independent situations. d. Spade received $60,500 of cash and partnership land with a fair value of $120,800. The carrying amount of the land on the partnership books was $101,200. Capital of the partnership after Spade's retirement was $311,000. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction Bat Journal entry worksheet A B Record the revaluation of land. Event flang Ace, Capital Jack, Capital Spade, Capital General Journal Debit Credit Prev 21 37 B3 34 35

Answer rating: 100% (QA)

Spades Withdrawal with Land Distribution Scenario Spade receives 60500 cash and partnership land wit... View the full answer