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Hello, I am working on the following problem and don’t seem to have chosen the correct answer. My rationale was that goodwill is $30,000 (800,000 – 770,000 book value). 40% of 30,000 is $12,000 plus the original $300,000 = 312,000 is the capital balance for Heflin, but that is not the correct answer. One of the solutions in course hero did not identify the correct answer either as it did not match any of the choices below. Any thoughts?
A partnership has the following capital balances:
Comprix (35% of gains and losses)$150,000
Heflin (40%) 300,000
Kaplan (25%) 320,000
Mahar is going to pay a total of $200,000 directly to these three partners to acquire a 25 percent ownership interest from each. Goodwill is to be recorded. What is Heflin’s capital balance after the transaction?
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