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E12.11 (LO 6) AP Julie Lane, Sara Miles, and Amber Noll have capital balances of $50,000, $40,000, and $30,000, respectively. The profit and loss ratio
E12.11 (LO 6) AP Julie Lane, Sara Miles, and Amber Noll have capital balances of $50,000, $40,000, and $30,000, respectively. The profit and loss ratio is 5:3:2. Assume Noll withdraws from the partnership on December 31 of the current year under each of the following independent conditions: Record withdrawal of partner. 1. Miles agrees to purchase all of Noll's equity by paying $35,000 cash from her personal assets. 2. Noll withdraws $30,000 cash from the partnership. 3. Noll withdraws $35,000 cash from the partnership.
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