On December 31, the capital balances and profit and loss ratios in VKD Company are as follows:

Partner	Capital Balance	Profit and Loss Ratio
B. Vuong	$72,000	50%
G. Khan	50,000	30%
R. Dixon	35,000	20%

Instructions

Journalize the withdrawal of Dixon under each of the following independent assumptions:

(a)

Khan agrees to purchase Dixon's ownership interest for $45,000 cash.

(b)

Dixon is paid $47,500 from partnership assets.

(c)

Dixon is paid $29,500 from partnership assets.