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  3. 4. assume the partnership of erin, evan and josh h

4. Assume the partnership of Erin, Evan and Josh has been in existence for a...

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Accounting

4. Assume the partnership of Erin, Evan and Josh has been in existence for a number of years. Erin decides to withdraw from the partnership when the partners capital balances are as follows:
Partner Capital
Balance Profit and
Loss Ratio
Erin $65,00030%
Evan 30,00040%
Josh 40,00035%
An appraisal of the business and its property estimates the fair market value to be $165,000. Erin has agreed to receive $80,000 in exchange for her partnership interest.
Required:
Prepare the journal entry for the dissolution of Erin's partnership interest, assuming the bonus method is to be applied.

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