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Julie Lane, Sara Miles, and Amber Noll have capital balances of $47,900, $35,200, and $29,600, respectively. The profit and loss ratio is 5:3:2. Assume Noll withdraws from the partnership on December 31 of the current year under each of the following independent conditions:
1. Miles agrees to purchase all of Noll's equity by paying $32,810 cash from her personal assets.
2. Noll withdraws $29,600 cash from the partnership.
3. Noll withdraws $35,200 cash from the partnership.
Question 1: Journalize the withdrawal of Noll under each of the above assumptions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
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