On September 15, Jackie Landall decided to retire from the partnership of Kitchener, Landall, and Page The partnership decided to buy her out After the assets of the partnership had been adjusted to current market values, the capital balances were $67,200, $89,400, and $48,000, respectively Prepare...

On September 15, Jackie Landall decided to retire from the partnership of Kitchener, Landall, and Page. The

Question:

On September 15, Jackie Landall decided to retire from the of Kitchener, Landall, and Page. The decided to buy her out. After the assets of the had been adjusted to current market values, the capital balances were $67,200, $89,400, and $48,000, respectively. Prepare the journal entry to record Landall's retirement, assuming Landall accepts payment of $85,000 and the partners share net income and losses equally.
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...