In the LMK partnership, Luk's capltal is $$40,000,$ Marty's is $$50,000,$ and Karl's is $$30,000.$ They share income in a $4$iti ratio, respectvely. Karl ts retiring from the partnershlp.

Required:

Prepare journal entries to record Karl's withdrawal according to each of the following independert assumptions:

a$.$ Karl is pald $$38,000,$ and no goodwill is recorded.

b$.$ Karl is pard $$42,000,$ and only his share of the goodwill is recorded.

c$.$ Karl is pald $$35,000,$ and all implied goodwill is recorded.

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Show thes a

Karl is pald $$38,000,$ and no goodwill is recorded.

Note: If no entry ts required for a transaction$/$event$,$ select $"$Na fournal entry required" In the first account field.

Journal entry worksheet

A

Record the payment of $$38,000$ to Karl and no goodwill is recorded.

Noto: Eilea chas botorv aridis.

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