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Armstrong withdraws from the FAP Partnership The remaining partners agree to buy

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.

Jan 28 2020 View more View Less

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