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On December ( 31, underline{2023} ) the capital balances and profit/loss ratios in the DNM Partnership are as follows: Prepare the journal entries to record

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On December \\( 31, \\underline{2023} \\) the capital balances and profit/loss ratios in the DNM Partnership are as follows: Prepare the journal entries to record the withdrawal of Michael under each of the following independent assumptions: a) Each of the remaining partners agrees to pay \\( \\$ 17,000 \\) in cash from personal funds to purchase Michael's partnership equity. Each receives \50 of Michael's partnership equity. (1.5 marks) b) Michael is paid \\( \\$ 38,000 \\) in cash from the partnership assets. (1.75 marks) c) Michael is paid \\$26,000 in cash from the partnership assets. (1.75 marks)

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