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Determine and show the entry to record departure of brady

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Reference no: EM132717218

January 1, 2019 - Brady decides to leave the partnership. Mahomes agrees to pay Brady $73,000 in a private transaction. The result is that all of Brady's equity will be transferred to Mahomes. The income or loss will now be divided between Rodgers and Mahomes in a 50%, 50% ratio. The partners no longer receive a salary.

Required:

Problem 1: Show the entry to record the departure of Brady.

Reference no: EM132717218

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