1. Ignatz Irwin is a partner in the IJ partnership. On July 1st, Ignatz sold his partnership interest to Matilda Martin for $90,000 cash. At the time of the sale Ignatz Irwins Capital Account had a balance of $40,000. Required: Prepare the journal entry tha IJ Partnership records for the sale of the partnership interest.

2. Kyle King, Lolly Lewis and Martha Moore are equal partners in the KLM Partnership. On July 1st, Lolly Lewis withdrew from the partnership and received a $50,000 cash payment. At the time of the withdrawal Lolly had a $30,000 balance in her capital account. Required: Prepare the appropriate journal entry for Lollys withdrawal from the KLM Partnership.