Jensen, Zhang, and Singh had a partnership that splits profits and losses equally. Singh declared his intention to withdraw from the partnership. Partnership assets were revalued and partner capital balances were adjusted to the following amounts:

Jensen	$90,000
Zhang	$70,000
Singh	$ 100,000

Due to a set of unusual legal circumstances, it was mutually agreed that the partnership would settle with Singh for a cash payment of $120,000. Please provide the journal entry for that transaction:

Calculations:

General Journal

Accounts	Debit	Credit