On January 1, 20X1, Eddy decides to retire from the partnership of Cobb, Davis, and Eddy. The partners share profits and losses in the ratio of 3:2:1, respectively. The following condensed balance sheets present the account balances immediately before and, for six independent cases, after Eddy€™s retirement.

Required
Prepare the necessary journal entries to record Eddy€™s retirement from the partnership for each of the six independentcases.

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Balances prior to Eddy's Retirement Balances after Eddy's Retirement Accounts Case 1 Case 2 Case 3 Case 4 Case 5 Case 6 Assets: Cash Other Assets Goodwill $90,000 10,000 16,000 25,000 16,000 $50,000 90,000 200,000 200,000 200,000 200,000 220,000 200,000 10,000 $220,000 $230,000 $235,000 $250,000 $280,000 $300,000 200,000 10,000 $300,000 10,000 14,000 10,000 34,000 10,000 Total Assets Liabilities & Capital: Liabilities Cobb, Capital Davis, Capital Eddy, Capital $ 60,000 80,000 90,000 70,000 $300,000 $60,000 60,000 60,000 $ 60,000 60,000 60,000 74,000 80,000 83,000 92,000 110,000 0,000 98,000 110,000 160,000 86,000 0 92,000 0 90,000 0 0 Total Liabilities & Capital $220,000 $230,000 $235,000 $250,000 $280,000 $300,000