Prepare the journal entry to record the withdrawal of larry

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Reference no: EM133475075

Case: Lance, Lorne and Larry have been operating a business as a limited liability partnership for several years. On January 17, 2023, Lance, Lorne and Larry had a capital balance of $250,000, $177,000 and $124,000 respectively. However, Larry decided to withdraw from the partnership to pursue other opportunities. The partners agreed that Larry would receive the current value of his capital account using the partnership's cash.

Do not enter dollar signs or commas in the input boxes.
Use the negative sign for amounts that must be subtracted.

Question 1: Calculate the new capital balance for each partner after the withdrawal of Larry.
Question 2: Prepare the journal entry to record the withdrawal of Larry

Reference no: EM133475075

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