Oliver, Peter, and Wendell are partners in NewTech Company. Their capital balances are $30,000, $22,000, and $15,000 respectively on November 23, 2014. They share income and losses in the ratio of 3:2:1. Peter retires on November 23, 2014, and has agreed to accept $15,000 for his share of the partnership. Record Peter’s retirement and calculate the resulting balances in the capital accounts.
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