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Schmidt wishes to leave the partnership and will be paid $120,000. After the revaluation of the partnerships intereste, Tanner, Schimits and hayes the trhree aprtners,

Schmidt wishes to leave the partnership and will be paid $120,000. After the revaluation of the partnerships intereste, Tanner, Schimits and hayes the trhree aprtners, have capital account balances of $100,000, $120,000 adn $96,000 respectively. They share profits and losses in a 3:4:3 ratio. 


What journal entry will be used to record this transaction in the general journal?

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