Brislin, Humphreys, and Watkins share income and losses in a ratio of 3:2:5, respectively. The capital account balances of the partners are as follows:

Brislin Capital		$602,000
Humphreys, Capital		368,000
Watkins, Capital		261,000

Prepare the journal entry on the books of the partnership to record the withdrawal of Watkins under the following independent circumstances:

(a1)

The partners agree that Watkins should be paid $290,000 by the partnership for his interest. (Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.)