Capital balances and profit and loss sharing ratios for the Nix, Man, and Per partnership on December

Question:

Capital balances and profit and loss sharing ratios for the Nix, Man, and Per on December 31, 2011, just before the retirement of Nix, are as follows:
Nix capital (30%) ...... $128,000
Man capital (30%) ...... $140,000
Per capital (40%) ........ $160,000
On January 2, 2012, Nix is paid $170,000 cash upon his retirement.
REQUIRED: Prepare the journal entry or entries to record Nix’s retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the books.

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...