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, $600,000; Humphreys, Capital, $360,000; and Watkins, Capital $260,000 as of December 31, 2020. On this date, Walkins decided to withdraw from the partnership business because of old age. Assume that Brislin and Humphreys agreed that Watkins should be paid $280,000 cash by the partnership for his friendship, contributions and interest on the business.

Required:

Prepare the journal entry to record the withdrawal of Watkins from the partnership business.