Eagle and Falk are partners with capital balances of $45,000 and 25,000,respectively.They agree to admit Robb as a partner.After the assets of the partnership are revalued,Robb will have a 25% interest in capital and profits,for an investment of $30,000.What amount should be recorded as goodwill to the original partners?
a.$0
b.$5,000
c.$7,500
d.$20,000
Explanation
Choice “d” is correct,$20,000.
Robb's investment:
25% of total capital=$30,000
Calculate total capital $30,000/.25
Total capital=$120,000
Less existing capital balances:
Eagle $45,000
Falk 25,000
Robb 30,000
Total assets contributed=$100,000
Goodwill to original partners=$ 20,000
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