Partner A Partner B Partner C

Capital Balances $$50,000$ $$60,000$ $$70,000$

Profit and Loss Percent $60\%30\%10\%$

Percent interest in Capital $50\%40\%10\%$

Assume Partner A withdraws from the partnership and C uses personal

funds to purchase A$$s interest at its current value of $$56,000.$

Prepare journal entry to record transaction. Step$-$by$-$Step