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PROBLEM 4 - 10 points The statement of financial position of the FAS partnership at...

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Accounting

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PROBLEM 4 - 10 points The statement of financial position of the FAS partnership at December 31, 2018, appears below: Cash $ 400,000 Liabilities $ 80,000 Other Assets 800,000 F, Capital 280,000 A, Capital 460,000 S, Capital 380.000 Total Assets $1.200,000 Total Liabilities and Capital $1.200.000 Partners F, A, and S share profits and losses 30:20:50, respectively. Each question below is independent of the others. Refer to the above information. Assume Partner S retires from the partnership and receives $420,000 for her capital interest. Prepare the journal entry when S retires and a bonus is recognized. Show computations

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