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Partnership records show the following capital balances at the date of Hopkins' withdrawal: M. Hammel, $80,000; D. Hopkins, $210,000; and P. Houghton, $100,000. The three
Partnership records show the following capital balances at the date of Hopkins' withdrawal: M. Hammel, $80,000; D. Hopkins, $210,000; and P. Houghton, $100,000. The three partners share income and loss equally. On December 31, Hopkins withdraws and agrees to take $210,000 cash in settlement of her capital balance. Prepare the December 31 journal entry for the partnership.
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