In the LMK partnership, Lus's capital is $$40,000.$ Marty's is $$50,000,$ and Karl's is $$30,000.$ They share Income In a $4$:$1$:$1$ ratlo, 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 pald $$38,000,$ and no goodwill is recorded.

b$.$ Karl is pald $$42000,$ and only his share of the goodwill is recorded.

c$.$ Karl Is pald $$35\mathrm{.}000,$ and all Implied goodwill is recorded.

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Show less A

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

Note: 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

A B

Record the entry for withdrawal of Karl.

Noter Enter debits before creet rs$.$

$\backslash$table$[[$Event$,$General Joumal,Debit,Credit$],[2,$Karl, Capital,$,64]]$