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Journalize the withdrawal of Noll

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Question - Julie Lane, Sara Miles, and Amber Noll have capital balances of $45,200, $35,100, and $25,100, 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 $29,060 cash from her personal assets.

2. Noll withdraws $25,100 cash from the partnership.

3. Noll withdraws $31,900 cash from the partnership.

Required - Journalize the withdrawal of Noll under each of the above assumptions.

Reference no: EM132521810

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