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In the RST partnership, Ron's capital is $80,000, Stella's is $75,000, and Tiffany's is $50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is

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In the RST partnership, Ron's capital is $80,000, Stella's is $75,000, and Tiffany's is $50,000. They share income in a 3:2:1 ratio, respectively. Tiffany is retiring from the partnership. Each of the following questions is independent of the others. Refer to the above information. Tiffany is paid $60,000, and no goodwill is recorded. In the joumal entry to record Tiffany's withdrawal: Ron, Capital will be debited for $5,000. Cash will be debited for $60,000. O Tiffany, Capital will be credited for $60,000. Stella, Capital will be debited for $4,000

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