In the ABC Partnership, A capital is $400,000, B capital is $320,000, and C capital...
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Accounting
In the ABC Partnership, A capital is $400,000, B capital is $320,000, and C capital is $300,000. They share income and losses in a 6:4:2 ratios, respectively. C is retiring from the partnership.
Give the journal entries to record C withdrawal according to each of the following cases:
(5, 6)
C got paid $320,000 and no good will recorded.
C got paid $312,000 and all implied good will recorded.
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