Huang minus Kang minus LiuHuangKangLiu Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of 30% to Huang, 40% to Kang, and 30% to Liu. At December 31,2018 the firm has the following balance sheet.

Huang-Kang-Liu Oriental Design
Balance Sheet
December 31, 2018
Assets			Liabilities
Cash		$13,000	Accounts Payable	$86,000
Accounts Receivable, Net		11,000
Merchandise Inventory		89,000	Partners' Equity
Equipment, Net		90,000	Huang, Capital	29,000
			Kang, Capital	45,000
			Liu, Capital	43,000
			Total Partners' Equity	117,000
Total Assets		$203,000	Total Liabilities and Partners' Equity	$203,000

On December 31,Huang withdraws from the partnership.

Requirements:

Record Huang withdrawal from the partnership under the following independentplans:

1.	In a personal transaction, Huang sells her equity to Wong, who pays Huang $125,000 for her interest. Kang and Liu agree to accept Wong as a partner.
2.	The partnership pays Huang cash of $25,000and gives her a note payable for the remainder of her book equity in settlement of her partnership interest.
3.	The partnership pays Huang $75,000for her book equity.
4.	The partnership pays HuangHuang $ 4 comma 000$4,000 for her book equity

(Record debits first, then credits. Select the explanation on the last line of the journal entry table.)

Date			Accounts and Explanation	Debit	Credit
Dec. 31

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