In the LMK partnership, Luis's capital is $41,000, Marty's is $51,300, and Karl's is $31,600. 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 $38,900, and no goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

In the LMK partnership, Luis's capital is $41,000. Marty's is $51,300, and Karl's is $31,600. 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 $38,900, and no goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. Karl is paid $38,900, and no goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required n in the first account field.) Journal entry worksheet Record the payment of $38,900 to Karl and no goodwill is recorded. Note: Enter debits befare eredta. b. Karl is paid $43,100, and only his share of the goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the payment of $43,100 to Karl and only his share of goodwill is recorded. Note: Enter debits before credits. c. Karl is paid $34,600, and all implied goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Record the entry to recognize all implied goodwill upon payment to Karl. Notet Fnter debits before credits. c. Karl is paid $34,600, and all implied goodwill is recorded. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations.) Journal entry worksheet Note: Enter debits before credits