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Simon, Paul and Richards are partners in the SPR Partnership and have the following Capital Balances and Profit and Loss sharing ratio: - Richards Capital

Simon, Paul and Richards are partners in the SPR Partnership and have the following Capital Balances and Profit and Loss sharing ratio: - Richards Capital $120,000 (2) Paul is retiring at 12/31/21 and is being paid $210,000 eash, in full compensation for his capital account balance. REQUIRED: Record the Journal Entry for the Retirement of Paul

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