Reference no: EM132612479

On December 31, the capital balances and profit and loss ratios in Sunland Company are as follows:

Partner         Capital Balance                Profit and Loss Ratio

H. Fercho          $135,000                             60%

P. Jiang              $59,400                            30%

R. Antony            $51,000                              10%

Antoni is withdrawing from the partnership.

Question a) Journalize the withdrawal of Antoni if using personal funds, Jiang agrees to purchase Antoni's ownership interest for $60,300 cash.

Question b) Journalize the withdrawal of Antoni if Antoni is paid $60,300 from partnership assets

Question c) Journalize the withdrawal of Antoni if Antoni is paid $39,900 from partnership assets