Knowledge Check $01$

Partnership records show the following capital balances at the date of Hopkins' withdrawal: M$.$ Hammel, $$80,000$; D$.$ Hopkins,

$$210,000$; and $P.$ Houghton, $$100,000.$ The three partners share income and loss equally. On December $31,$ Hopkins withdraws and

agrees to take $$200,000$ cash in settlement of her capital balance. Prepare the December $31$ journal entry for the partnership.