Jaden, Sophia, and Clement each have a $350,000 capital balance. They share profits and losses as follows:

Question:

Jaden, Sophia, and Clement each have a $350,000 capital balance. They share profits and losses as follows: 1:1:2 to Jaden, Sophia, and Clement, respectively. Suppose Clement is withdrawing from the business.
Requirements
1. Journalize the withdrawal of Clement if the agrees to pay Clement $350,000 cash.
2. Journalize the withdrawal of Clement if the agrees to pay Clement $200,000 cash?
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...