Armstrong withdraws from the FAP Partnership. The remaining partners agree to buy out her share for her capital balance of $35,000. Prepare the journal entry to record the withdrawal from the partnership.
104. Alberts and Bartel are partners. On October 1, Alberts' capital balance is $75,000 and Bartel's capital balance is $125,000. With the partnership's approval, Bartel sells one-half of his partnership interest to Camero for $70,000. Prepare the journal entry to record this transaction in the partnership records.
106. Armstrong plans to leave the FAP Partnership. The recorded value of her capital account is $48,000. The remaining partners, Floyd and Peters, agree to pay Armstrong $40,000 cash. The partners have agreed to share income and loss equally. Prepare the general journal entry to record the withdrawal from the partnership.
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