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


Ace, Capital	$	151,600
Jack, Capital		201,800
Spade, Capital		121,200

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.

g. Because of limited cash in the partnership, Spade received land with a fair value of $100,200 and a partnership note payable for $51,500. The land’s carrying amount on the partnership books was $61,800. Capital of the partnership after Spade’s retirement was $361,300. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Land

Ace capital

Jack capital

spade capital

Spade capital

ace capital

jack capital

land credit: 100,200

Notes payable: 51, 500

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Expert Solution

ekkarill92 answered 2 months ago

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