In the LMK partnership, Luiss capital is $41,800, Martys is $50,300, and Karls is $30,800. They share income in a 4:1:1 ratio, respectively. Karl is retiring from the partnership.

Required:

Prepare journal entries to record Karls withdrawal according to each of the following independent assumptions:

a.

Karl is paid $38,500, and no goodwill is recorded.

b.	Karl is paid $43,800, and only his share of the goodwill is recorded. c Karl is paid $34,500, and all implied goodwill is recorded