Retiring from the partnership

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Reference no: EM131258833

In the LMK partnership, Luis’s capital is $41,800, Marty’s is $50,300, and Karl’s is $30,800. They share income in a 4:1:1 ratio, respectively. Karl is retiring from the partnership.

Required:

Prepare journal entries to record Karl’s withdrawal according to each of the following independent assumptions:

a. Karl is paid $38,500, and no goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Reference no: EM131258833

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