Julie Ellis has a capital balance of $54,000, Sara Lake has a capital balance of $82,000, and Dan Madden has a capital balance of $ 36,000. They have a profit/loss ratio of 4:2:4.

Instructions:

Prepare the journal entry on the books of the partnership to record the withdrawal of Madden from the partnership under each of the following independent assumptions:

a)Madden is paid $ 48,000 from partnership assets.

b)Madden is paid $ 27,000 from partnership assets.