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H. Barrajas, T. Dingler, and R. Fisk have capital balances of $95,000, $75,000, and $60,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Fisk withdraws from the partnership under each of the following conditions.
1. Fisk is paid $68,000 in cash from partnership assets, and a bonus is granted to the retiring partner.
2. Fisk is paid $56,000 in cash from partnership assets, and bonuses are granted to the remaining partners.
Instructions
Journalize the withdrawal of Fisk under each of the assumptions above.
The Complete Accounting Cycle Without a Work Sheet: Two Months (second month optional) On May 1, 2011, Conrad Sayer opened Conrad's Repair Service. Prepare journal entries to record the May transactions. From the accounts in the ledger, prepare an ad..
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