A summary balance sheet for the Akerly,Baskin,and Crow partnership on December 31,2014 is shown below.Partners Akerly,Baskin,and Crow allocate profit and loss in their respective ratios of 3:2:1.The partnership agreed to pay partner Baskin $500,000 for his partnership interest upon his retirement from the partnership on January 1,2015.The partnership financials on January 1,2015 are:
Assets
Equities
Required:
Prepare the journal entry to reflect Baskin's retirement from the partnership:
1.Assuming a bonus to Baskin.
2.Assuming a revaluation of total partnership capital based on excess payment.
3.Assuming goodwill equal to the excess payment is recorded.
Definitions:
Insider Trading
The unlawful act of conducting trades on the stock market for personal gain by exploiting privileged, non-public information.
Securities Exchange Act
A federal law governing the trading of securities, such as stocks and bonds, aimed at protecting investors and maintaining fair and orderly markets.
Misappropriate
The act of dishonestly or unfairly taking something, especially money, for one's own use.
Quarterly Sales Figures
Financial metrics reported by companies every three months, indicating the total revenue generated from sales within that period.
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