Barb Rusnak, Len Peters, and Doug Morris are partners in RPM Dance Studios They share net incomes and losses in a 40 40 20 ratios Doug retires from the partnership on October 14, 2014, and receives $80,000 cash plus a car with a book value of $40,000 (original cost was $84,000) Required For each of...

a 2014 Oct 14 Doug Morris Capital 120000 Accumulated Depreciation Car 44000 Car 8400 ...

Barb Rusnak, Len Peters, and Doug Morris are partners in RPM Dance Studios. They share net incomes

Question:

Barb Rusnak, Len Peters, and Doug Morris are partners in RPM Dance Studios. They share net incomes and losses in a 40:40:20 ratios. Doug retires from the on October 14, 2014, and receives $80,000 cash plus a car with a book value of $40,000 (original cost was $84,000).

Required
For each of the following unrelated situations, present the journal entry to record Doug’s retirement assuming the equities of the on October 14 are:
a. Rusnak, $300,000; Peters, $400,000; Morris, $120,000
b. Rusnak, $100,000; Peters, $120,000; Morris; $160,000
c. Rusnak, $130,000; Peters, $160,000; Morris; $60,000

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...