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Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez Cruz ili and Perez, 0).

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Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez Cruz ili and Perez, 0). On December 31. Perez withdraws from the partnership when the equities of Partner wie ben the equities of Partner withdrawal the partners are Lopez, $3,000; Cruz, $1.800; and Perez, $1,200. Prepare journal entries to record Perez's P4 withdrawal under each separate situation: Perez is paid for her equity using partnership cash on (1) $1,200; (2) $1,600; and (3) $700

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