Assume That the Capital of an Existing Partnership Is $90,000

question 9

Multiple Choice

Assume that the capital of an existing partnership is $90,000 and all existing assets reflect fair market values. If an incoming partner acquires a 40% interest in the partnership for $55,000, the goodwill traceable to the incoming partner is

• A)$15,000
• B)$5,000
• C)$3,000
• D)$2,000

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