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  3. at year-end, the queen city partnership has the fo

At year-end, the Queen City partnership has the following capital balances: Isabella, Capital...

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Accounting

At year-end, the Queen City partnership has the following capital balances:

Isabella, Capital $ 330,000
Catherine, Capital 310,000
Elizabeth, Capital 280,000
Victoria, Capital 270,000

Profits and losses are split on a 3:3:2:2 basis, respectively. Elizabeth decides to leave the partnership and is paid $300,000 from the business based on the original contractual agreement.

Required:

The payment made to Elizabeth beyond her capital account was for Elizabeths share of previously unrecognized goodwill. After recognizing partnership goodwill, compute Isabellas capital balance after Elizabeth withdraws.

image Required: The payment made to Elizabeth beyond her capital account was for Elizabeth's share of previously unrecognized goodwill. After recognizing partnership goodwill, compute Isabella's capital balance after Elizabeth withdraws
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