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Question - The capital balances of Slick, Partnership were as follows:

Senior Slick, Cap $50,000

Middle Slick, Cap 35,000

Junior Slick, Cap 15,000

Junior Slick was such a pain to the other two older partners that they decided to remove him from the partnership. He was given $13,000 in cash and a company car. The vehicle had a fair market value of $5,000; a book value on the partnership books of $3,000; and a tax value of zero.

Please make the appropriate entry.

Reference no: EM132537707

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