Assume the Partnership of Dean, Hardin, and Roth Has Been

question 35

Essay

Assume the partnership of Dean, Hardin, and Roth has been in existence for a number of years. Dean decides to withdraw from the partnership when the partners' capital balances are as follows:

An appraisal of the business and its property estimates the fair value to be $100,000. Dean has agreed to receive $64,000 in exchange for his partnership interest.
Prepare the journal entry for the payment to Dean in the dissolution of his partnership interest, assuming the bonus method is to be applied.

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Definitions:

Degrees Of Freedom

A value, which is different for different statistical tests, that approximates the sample size or number of individual cells in an experimental design.

Degrees Of Freedom

The number of independent pieces of information upon which a statistical estimate is based, minus the number of parameters estimated.

Degree Of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution, often related to the number of observations in a sample minus the number of parameters being estimated.

Group

A collection of individuals or items that are studied together in a research context, often to examine shared characteristics or effects of treatments.