capstone advanced accounting

The E.N.D. partnership has the following capital balances as of the end of the current year:

Pineda

Adams

Fergie

Gomez

Total capital

$ 150,000

130,000

120,000

110,000

$ 510,000

Answer each of the following independent questions:

Required:

1. Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $160,000 based on the terms of the original partnership agreement. If the goodwill method is used, what is the capital balance of the remaining three partners?
2. Assume that the partners share profits and losses 4:3:2:1, respectively. Pineda retires and is paid $285,000 based on the terms of the original partnership agreement. If the bonus method is used, what is the capital balance of the remaining three partners?Note: Do not round your intermediate calculations. Round your final answers to the nearest dollar amounts.