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Capital balances in Crane Co. are Lango $40,400, Oslo $31,700, and Fernetti $18,200. Fernetti has decided to leave the partnership. Lango and Oslo each agree
Capital balances in Crane Co. are Lango $40,400, Oslo $31,700, and Fernetti $18,200. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $12,000 from their personal assets. Lango and Oslo each receive 50% of Fernetti's equity. The partners share income equally. Journalize the withdrawal of Fernetti. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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