E14.10 Partner Retirement: Various Cases Nelson are as follows: The capital balances for the partnership of Diaz, Isidro, and Capital-Diaz ........ CapitalIsidro....... CapitalNelson ........ $1,500,000 900,000 600,000 The partners share income in a 2:4:4 ratio. Nelson decides to retire. Diaz and Isidro continue the partner ship, sharing income in a 2:4 (1:2) ratio. Required Prepare the journal entry or entries to record the retirement of Nelson in each of the following scenarios: a. Diaz and Isidro use their personal assets to buy Nelson's interest for $800,000. b. The partners agree to pay Nelson $750,000 of partnership cash. The bonus method is used. C. Same as b., but the partial goodwill approach is used. d. Same as b., but the total goodwill approach is used. The partners agree to pay Nelson $450,000 of partnership cash. The difference is attributed to over- valued plant and equipment, and the total goodwill approach is used