Exercise $11-11$ Retirement of a partner LO$4$

CHECK FIGURES: b$.$ Dr Holt, Capital: $$3,750$;$c.$ Cr Holt, Capital: $$1,875$

Barth, Holt, and Tran have been partners of a ski, snowboard, and mountain bike shop in Whistler, BC$,$ called Storm. Based on the partnership agreement, they share profit and losses in a $6$:$2$:$2$ ratio. On November $30,$ the date Tran retires from the partnership, the equities of the partners are Barth, $$300,000$; Holt, $$195,000$; and Tran, $$75,000.$ Present general journal entries to record Tran's retirement under each of the following unrelated assumptions:

I

a$.$ Tran is paid $$75,000$ in partnership cash for his equity.

b$.$ Tran is paid $$90,000$ in partnership cash for his equity.

C$.$ Tran is paid $$67,500$ in partnership cash for his equity.