Name
ACC 401 Midterm, Part 2 (Chapters 15, 16, 1, and 2)
ap__Book, Open Notes
1. Able, Baker, and Charley are partners with capital balances of $91411Q0,S10.0,„0011, and 31.5.0400, respectively. Profits and losses are shared in a 1:2:3 ratio, Baker decided to withdraw and the partnership revalued its assets, The value of inventory was decreased by $30,000 and the value of land was increased by S70,000. Able and Charley then agreed to pay Baker $200,000 for his withdrawal from the partnership.
Required: Prepare the journal entry to record Baker’s withdrawal under the bonus method.
Pip° r i—OSS fl 5 cA:’ 2 clr a r,’ce C;no,Lrtto
ICIFD t 3′.’rovp o!vo° pb, ;(3_6 C ) (cpio PD 119;17 0, ErdsAfi ,of LiDoOt”‘ SuF Pkit t1 6941 ( 6 D/o)
°IP CVco AttA 1001’000 150 p00 0 1,01 ffrt. i fC,G170
1,01rtsA,
110. pri 5 )
e)6040/1
A4 6 ) ” eak ‘51A
(4,2olubp 6c 0515;0, 6001
Attachments:
Midterm.pdf