! Required information [The following information applies to the questions displayed below.] The partnership of Ace, Jack, and Spade has been in business for 25 years. On December 31, 20X5, Spade decided to retire. The partnership balance sheet reported the following capital balances for each partner at December 31, 20X5: Ace, Capital Jack, Capital Spade, Capital $150,300 200,400 120,700 The partners allocate partnership income and loss in the ratio 20:30:50, respectively. Required: Record Spade's withdrawal under each of the following independent situations. c. Spade received $180,200 of partnership cash upon retirement. Capital of the partnership after Spade's retirement was $291,200. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) A No > Answer is complete but not entirely correct. General Journal Debit 120,700 48,280 35,880 Event 1 Spade, Capital Ace, Capital Jack, Capital Cash Credit 180,200