BE12-10 ONLY

BE12-9 Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets Lango and Oslo each receive 50% of Fernet ti s equity. T he partners share income equally Journalize the withdrawal of Fernetti. BE12-10 Data pertaining to Pelmar Co. are presented in BE12-9. Instead of payment from personal assets, assume that Fernetti receives $24,000 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Fernetti