Question: Please answer the following questions in a General Journal. Question: Orr, Hamilton and Talbot are partners with capital balances of $75 000, $42000 and $80

Please answer the following questions in a General Journal.

Question:

Orr, Hamilton and Talbot are partners with capital balances of $75 000, $42000 and $80 000, respectively. On October 1, Orr decides to leave the partnership. Hamilton and Talbot each pay $45 000 of their personal funds to Orr and receive 50% of his equity.

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