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Connor plans to leave the CAP Partnership. The recorded value of his capital account is $48,000. The remaining partners Ashley and Peter agree to pay

Connor plans to leave the CAP Partnership. The recorded value of his capital account is $48,000. The remaining partners Ashley and Peter agree to pay Connor $40,000 cash and Connor accepts on July 5. The partners share income and loss equally. Prepare the general journal entry to record the withdrawal from the partnership.

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