Citycollective Is a Partnership Providing Media Support Services to Small

Citycollective is a partnership providing media support services to small local businesses. Its balance sheet is as follows:
$\begin{array}{lrlr}\text {Assets}&&\text {Liabilities}\\\text { Cash } & \$ 220,000 & \text { Payablesto suppliers } &\$25,000\\\text { Equipment } & 250,000 & \text { Capital } & \\& & \text { Capital-Feldman } &240,000 \\ & & \text { Capital-Gladstone } &110,000 \\& & \text { Capital-Hart } & 95,000\\& & \text { Total capital } &\underline{445,000} \\\text { Total assets } & \$ 470,000 & \text { Total liabilities and capital } & \$470,000 \\ \end{array}$
Partners Feldman, Gladstone and Hart share income in a 2:6:2 ratio. Hart decides to retire, and the partnership agrees to pay Hart $140,000. Partnership equipment has a fair value of $300,000.
Required
Present the partnership balance sheet after Hart's retirement, in each of the following situations:
a. The bonus method is used.
b. The full goodwill approach is used, and the excess payment to Hart is attributed to undervalued equipment and goodwill.