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Please answer this fast! Much appreciated! Brenda Roberts, Lacy Peters, and Aarin MacDonald are partners in RPM Dance Studios. They share profit and losses in
Please answer this fast! Much appreciated!
Brenda Roberts, Lacy Peters, and Aarin MacDonald are partners in RPM Dance Studios. They share profit and losses in a 40:40:20 ratio. Aarin retires from the partnership on October 14, 2020, and receives $85,000 cash plus a car with a book value of $45,000 (original cost was $94,000). Required: For each of the following unrelated situations, present the journal entry to record Aarin's retirement assuming the equities of the partnership on October 14 are: a. Roberts, $305,000; Peters, $405,000; MacDonald, $130,000. View transaction list Journal entry worksheetStep by Step Solution
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