The part ners' capital (income-sharing ratio in parentheses) of Amar, Bilal, Cerna & Dema LLP on May 31, 2015, was as follows:

Amar (20%)	$ 60,000
Bilal (20%}	80,000
Cerna (20%}	70,000
Dema (40%)	40,000
Total partners' capital	S 250,000
Required:

On May 31, 2015, with the consent of Amar, Bilal, and Dema:

1. Cerna retired from the partnership and was paid $50,000 cash in full settlement of his interest in the part nership.
2. Raed was admitted to the partnership with a $20,000 cash investment for a 10% interest in the net assets of Amar, Bilal, Dema & Raed LLP.

No goodwill was to be recognized for the foregoing events.

Prepare journal entries on May 31, 2015, to record the foregoing events.