On September 15, Jackie Landall decided to retire from the partnership of Kitchener, Landall, and Page. The

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On September 15, Jackie Landall decided to retire from the partnership of Kitchener, Landall, and Page. The partnership decided to buy her out. After the assets of the partnership had been adjusted to current market values, the capital balances were $67,200, $89,400, and $48,000, respectively. Prepare the journal entry to record Landall's retirement, assuming Landall accepts payment of $85,000 and the partners share net income and losses equally.
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Accounting Volume 2

ISBN: 978-0176509743

2nd Canadian edition

Authors: James Reeve, Jonathan Duchac, Sheila Elworthy, Carl S. Warren

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