In the LMK partnership, Luis's capital is $40,300, Marty's is $51,500, and Karl's is $30,700. They share income in a 4:1:1 ratio, respectively. Karl is retiring from the partnership. Required: Prepare journal entries to record Karl's withdrawal according to each of the following independent assumptions: a. Karl is paid $38,400, and no goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A Record the payment of $38,400 to Karl and no goodwill is recorded.