Question: Jonah Allocca, Jacob Castaneda, and Kelly Schrup each have a $70,000 capital balance. Allocca is retiring from the business. The profit-and-loss-sharing ratio is 2:3:2, respectively.

Jonah Allocca, Jacob Castaneda, and Kelly Schrup each have a $70,000 capital balance. Allocca is retiring from the business. The profit-and-loss-sharing ratio is 2:3:2, respectively. Journalize the payment of $80,000 to Allocca upon his retirement on July 31.

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