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Mason, Porter, and Raul have capital balances of $90,000, $140,000 and $130,000, respectively. As per the partnership agreement, Mason receives a profit share of 4/10,
Mason, Porter, and Raul have capital balances of $90,000, $140,000 and $130,000, respectively. As per the partnership agreement, Mason receives a profit share of 4/10, Porter receives 5/10, and Raul receives 1/10. The partnership agrees to pay $105,000 as final settlement to Mason. Journalize the entry for the withdrawal of Mason from the partnership. (Do not round intermediate calculations and round the final answer to the nearest dollar. Record debits first, then credits. Exclude explanations from journal entries.) Accounts Debit Credit
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