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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)