Brenda Roberts, Lacy Peters, and Aarin MacDonald are partners in RPM Dance Studios. They share profit and losses in a 40:40:20 ratio. Aarin retires from the partnership on October 14, 2020, and receives $80,000 cash plus a car with a book value of $40,000 (original cost was $84,000).

Required

For each of the following unrelated situations, present the journal entry to record Aarin’s retirement assuming the equities of the partnership on October 14 are:

a. Roberts, $300,000; Peters, $400,000; MacDonald, $120,000

b. Roberts, $100,000; Peters, $120,000; MacDonald, $160,000

c. Roberts, $130,000; Peters, $160,000; MacDonald, $60,000