Question: CALCULATOR BACK NEXT Multiple Choice Question 143 Able, Baker, and Carter have partnership capital account balances of $600000 each. Income and losses are shared equally.

 CALCULATOR BACK NEXT Multiple Choice Question 143 Able, Baker, and Carter

CALCULATOR BACK NEXT Multiple Choice Question 143 Able, Baker, and Carter have partnership capital account balances of $600000 each. Income and losses are shared equally. Carter agrees to sell three-fourths of his ownership interest to Able for $525000 and one-fourth to Baker for $187500. Able and Baker will use personal assets to purchase Carter's interest. The partnership's entry to record Carter's withdrawal from the partnership would be Carter, Capital 712500 Cash 712500 600000 Carter, Capital Able, Capital Baker, Capital 450000 150000 Able, Capital Baker, Capital 534375 170125 Carter, Capital 712500 Carter, Capital 712500 350000 Able, Capital Baker, Capital 125000

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