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Required: Record the journal entry to remove a partner based on the following: Blue and Yellow regret the partnership agreement they made with Red. $110,000

Required: Record the journal entry to remove a partner based on the following: Blue and Yellow regret the partnership agreement they made with Red. $110,000 They offer to pay him out of the partnership for Red capital balance $100,000 Profit and loss ratios: Red 5 Yellow 3 Blue 2 Profits and losses are allocated based on the agreed upon ratios above

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