The accountant for Tan, Ulm & Vey LLP prepared the following journal entry on January 31, 2005:

Prepare a journal entry for Tan, Ulm & Vey LLP on January 31, 2005, to correct, not reverse, the foregoing entry. Show supporting computations in the explanation for the entry.

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2005 Jan. 31 Goodwill ($12,000 + 0.40) Vey, Capital ($150,000 + $12,000) Tan, Capital ($30,000 x 0.25) Ulm, Capital ($30,000 0.35) Vey, Capital ($30,000 x 0.40) Cash To record withdrawal of Ross Vey, with a cash payment of $162,000, compared with his prewithdrawal capital account balance, and recognition of implicit goodwill, allocated in partners' income-sharing ratio of 25% 35% 40%. 30,000 162,000 7,500 10,500 12,000 162,000