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Prepare the december journal entry for the partnership

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Partnership records show the following capital balances at the date of Hopkin's withdrawal: M. Hammel, $80,000; D. Hopkins, $210,000; and P. Houghton, $100,000. The three partners share income and loss equally. On December 31, Hopkins withdraws and agrees to take $230,000 cash in settlement of her capital balance.

Problem 1: Prepare the December 31 journal entry for the partnership. Prepare the December 31 journal entry for the partnership.

Reference no: EM132796057

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