Question: The E.N.D. partnership has the following capital balances as of the end of the current year:
Pineda $ 330,000
Adams 290,000
Fergie 260,000
Gomez 240,000
Total capital $ 1,120,000
Assume that the partners share profits and losses 3:3:2:2, respectively. Fergie retires and is paid $296,000 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?