On March 31, Sierra retires from the partnership of Sierra, Bret, and Trent. The partner capital balances are Sierra, $40,000; Bret $49,000; and Trent, $24,000. The profit-and-loss-sharing ratio has been 5:3:2 for Sierra, Bret, and Trent, respectively. Requirements 1. Journalize the withdrawal of Sierra assuming she receives $70,000 cash. 2. Journalize the withdrawal of Sierra assuming she receives $38,000 cash. Requirement 1. Journalize the withdrawal of Sierra assuming she receives $70,000 cash. (Record debits first, then credits. Select explanation on the last line of the journal entry table.) Date Mar. 31 Accounts and Explanation Debit Credit