May Cheng and Hannah Webster are partners who share in the income equally and have capital balances

Question:

May Cheng and Hannah Webster are partners who share in the income equally and have capital balances of $207,000 and $62,500, respectively. Cheng, with the consent of Webster, sells one-third of her interest to Michael Cross. What entry is required by the if the sales price is (a) $60,000? (b) $80,000?
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...