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3) John is anxious to leave the JAM Partnership. At this time his capital account is $52,000. The remaining partners, Ann and Mary, agree to

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3) John is anxious to leave the JAM Partnership. At this time his capital account is $52,000. The remaining partners, Ann and Mary, agree to pay John $50,000 in cash. Prepare the journal entry to record the withdrawal. Assume the partners have no agreement for sharing profits and losses. (1 Mark)

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