Question

Julie Eader, Tami DeBurgo, and Abby Ellamar are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $5,300, $7,200, and $4,400, respectively. The partners are anxious to have Tami retire and have paid her $11,400. Give the journal entry to record the payment to Tami along with the absorption of the amount over book equity by Julie and Abby on July 31, 201X.



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  • CreatedApril 24, 2014
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