CP 124 Assume the following information just prior to the withdrawal of Partner X:

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CP 12-4 Assume the following information just prior to the withdrawal of Partner X: Assets Liabilitie.s 20,000 Accounts payable 50,000 $ 5,000 Cash Inventory Partners' Capital $10,000 X, Capital Y, Capital 20,000 35,000 65,000 Z, Capital $70,000 $70,000 Required: Prepare journal entries to record the following unrelated scenarios: 1. Partner X sells his interest to new partner T for $25,000. 2. Partner X sells his interest to partner Y for $30,000. 3. Partner X sells his interest and is paid a share of partnership net assets as follows Cash Inventorv Accounts payable $ 5,000 5,000 (2,000) 8,000 Partner receives a 60% share of the partnership interest of X. Partner Z receives 40%