Capital balances and profit- and loss-sharing ratios for the Nix, Man, and Per partnership on December 31,

Question:

Capital balances and profit- and loss-sharing ratios for the Nix, Man, and Per on December 31, 2016, just before the retirement of Nix, are as follows:
Nix capital (30%) ............ $128,000
Man capital (30%) ............ $140,000
Per capital (40%) ............ $160,000
On January 2, 2017, Nix is paid $170,000 cash on his retirement.
REQUIRED:
Prepare the journal entry or entries to record Nix's retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the books.
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...