Question: Required: Record the journal entry to remove a partner based on the following: Blue and Yellow regret the partnership agreement they made with Red.

Required: Record the journal entry to remove a partner based on the following: Blue and Yellow regret the partnership agreement they made with Red. They offer to pay him out of the partnership for $110,000 Red capital balance $100,000 Profit and loss ratios: Red Yellow Blue Profits and losses are allocated based on the agreed upon ratios above. 5.

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