Jason River, Sara Down, and Cam Preti each have a $240,000 capital balance. They share profits and

Question:

Jason River, Sara Down, and Cam Preti each have a $240,000 capital balance. They share profits and losses as follows: 2:2:6 to River, Down, and Preti, respectively. Suppose Preti is withdrawing from the business.
Requirements
1. Journalize the withdrawal of Preti if the agrees to pay Preti $240,000 cash.
2. Journalize the withdrawal of Preti if the agrees to pay Preti $210,000 cash.
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...