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Barth, Holt, and Tran have been partners of a ski, snowboard, and mountain bike shop in Whistler, BC, called Storm. Based on the partnership agreement,
Barth, Holt, and Tran have been partners of a ski, snowboard, and mountain bike shop in Whistler, BC, called Storm. Based on the partnership agreement, they share profit and losses in a 6:2:2 ratio. On November 30, the date Tran retires from the partnership, the equities of the partners are Barth, $311,000; Holt, $206,000; and Tran, $86,000. Present general journal entries to record Tran's retirement under each of the following unrelated assumptions: a. Tran is paid $86,000 in partnership cash for his equity. View transaction list Journal entry worksheet < 1 Record the retirement of Tran. Note: Enter debits before credits. Date November 30 General Journal Debit Credit b. Tran is paid $112,000 in partnership cash for his equity. View transaction list Journal entry worksheet < Record the retirement of Tran. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record antor Claar antru View general journal c. Tran is paid $73,000 in partnership cash for his equity. View transaction list Journal entry worksheet < 1 Record the retirement of Tran. Note: Enter debits before credits. Date November 30 General Journal Debit Credit Record entry Clear entry View general journal
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