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Journalize the withdrawal of Carl

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Question - Julio, Shannon, and Carle each have $420,000 capital balance. They share profits and losses as follows: 2:6:2 to Julion, Shannon, and Carl, respectively. Suppose Carl is withdrawing from the business.

Journalize the withdrawal of Carl if the partnership agrees to pay Carl $420,000 cash.

Journalize the withdrawal of Carl if the partnership agrees to pay Carl $210,000 cash.

Reference no: EM132953646

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