In the LMN Partnership,Lynn's Capital Is $60,000,Marty's Is $80,000,and Nancy's

question 56

Multiple Choice

In the LMN partnership,Lynn's capital is $60,000,Marty's is $80,000,and Nancy's is $70,000.They share income in a 4:3:3 ratio,respectively.Nancy is retiring from the partnership.Each of the following questions is independent of the others.
-Refer to the above information.Nancy is paid $76,000,and all implied goodwill is recorded.What is the total amount of goodwill recorded?

• A)$20,000
• B)$14,000
• C)$6,000
• D)$0

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