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Required Information The following information appes to the questions displayed below) The partnership of Ace,...

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Accounting

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Required Information The following information appes to the questions displayed below) The partnership of Ace, Jack, and Spade has been in business for 25 years on December 31, 20X6. Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5 Ace, Capital Jack, Capital Spades Capital $150,000 200,000 120,000 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. b. Jack acquired Spade's capital interest for $150,000 in a personal transaction Partnership assets were not revalued, and partnership goodwill applicable to the entire business was recognized by the partnership (if no entry is required for a transaction/event, select "No Journal entry required" In the first account field

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