Question: Edison, Delray, and West have been partners while sharing net income and loss in a 5:4:1 ratio. On January 31, the date West retires from

Edison, Delray, and West have been partners while sharing net income and loss in a 5:4:1 ratio. On January 31, the date West retires from the the equities of the partners are Edison, $330,000; Delray, $231,000; and West, $165,000. Present journal entries to record West’s retirement under each of the following separate assumptions: West is paid for her equity using cash of
(1) $165,000;
(2) $192,000; and
(3) $129,000.

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