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As of December 31 of the current year, the Manhattan Co. partnership had the following capital balances:Scott, Capital $400,000Adams, Capital $300,000Baxter, Capital $200,000Walters, Capital $100,000Profits/losses are split on a 4:3:2:1 basis, respectively. Adams decided to leave the partnership and was paid $324,000 from the business based on the original contractual agreement. If the goodwill method is applied, what is the total amount of goodwill? A) $50,000 B) $72,000 C) $21,000 D) $80,000 E) $89,000
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