Question 2 (allow about 16 minutes) (16 marks) Elvis, Lennon and McCartney are in partnership together and they share profits and losses equally. At the time of McCartney's retirement the capital balances were as follows: . Elvis $50 000 . Lennon $60 000 McCartney $80 000 Required: (a) Prepare the journal entry to record the retirement of McCartney assuming he receives $80 000 from the partnership. Narrations / explanations are not required. Clearly show all calculations. (2 marks) (b) Prepare the journal entry to record the retirement of McCartney assuming he receives $100 000 from the partnership. Narrations / explanations are not required. Clearly show all calculations. (7 marks) 1 Page ACC2102 Financial Accounting Exam revision Partnerships (c) Prepare the journal entry to record the retirement of McCartney assuming he receives $70 000 from the partnership. Narrations / explanations are not required. Clearly show all calculations. (7 marks)