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Ned is anxious to leave the E-Z Partnership. At this time his capital account is $48,000. The remaining partners, Ed and Zee, agree that the

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Ned is anxious to leave the E-Z Partnership. At this time his capital account is $48,000. The remaining partners, Ed and Zee, agree that the partnership will pay Ned $40,000 in cash. Required: Prepare the journal entry to record the withdrawal (of partner, Ned) on September 1. Assume the partners have no agreement for sharing profits and losses

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