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CHAPTER 15, 9 ...

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Accounting

CHAPTER 15, 9

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SIDE NOTES: This question has 7 parts (9-15), please answer the FULL question, please TYPE your answer, please LABEL your answer.

9 Required information The following information applies to the questions displayed below. The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to Part 1 of 7 retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: 5.88 points Ace, Capital $150,900 Jack, Capital 200, 500 Spade, Capital 120,700 Skipped The partners allocate partnership income and loss in the ratio 20:30:50, respectively eBook Required: Record Spade's withdrawal under each of the following independent situations Print a. Jack acquired Spade's capital interest for $151,100 in a personal transaction. Partnership assets were not revalued, and partnership goodwill was not recognized. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) References

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