$4.$ Assume the partnership of Erin, Evan and Josh has been in existence for a number of years. Erin decides to withdraw from the partnership when the partners$$ capital balances are as follows:

Partner Capital

Balance Profit and

Loss Ratio

Erin $$65,00030\%$

Evan $30,00040\%$

Josh $40,00035\%$

An appraisal of the business and its property estimates the fair market value to be $$165,000.$ Erin has agreed to receive $$80,000$ in exchange for her partnership interest.

Required:

Prepare the journal entry for the dissolution of Erin's partnership interest, assuming the bonus method is to be applied.