On May 31, 2005, with the consent of Nunn, Owen, and Quan: 1. Sam Park retired from
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On May 31, 2005, with the consent of Nunn, Owen, and Quan:
1. Sam Park retired from the partnership and was paid $50,000 cash in full settlement of his interest in the partnership.
2. Lois Reed was admitted to the partnership with a $20,000 cash investment for a 10%
interest in the net assets of Nunn, Owen, Quan & Reed LLP.
No goodwill was to be recognized for the foregoing events.
Prepare journal entries on May 31, 2005, to record the foregoing events.
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