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Question - Camila, Dani, and Olivia are members of an LLC and share net income and loss equally. Olivia withdraws from the business when equity for each member is Camila, $20,000; Dani, $7,000; and Olivia, $9,000. Olivia is paid $14,000 for her equity in the LLC.
Prepare the entry to record Olivia's withdrawal. Hint: Use the following LLC equity accounts: Camila, Member Equity; Dani, Member Equity; Olivia, Member Equity.
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