Question: The capital balances and profit and loss ratios in ABC Partnership on December 31 are as follows: Partner Capital Balance Profit and Loss Ratio A Delta $288,000 60% B. Echo $118,600 30% C. Foxtrot $96,000 10% Foxtrot is withdrawing from the company. Instructions: Journalize the withdrawal of Foxtrot under each of the following independent assumptions: a. Using personal funds, Echo agrees to purchase Foxtrot's ownership interest for $116,000 cash. b. Foxtrot is paid $116,000 from partnership assets. C. Foxtrot is paid $76,400