The partners Nunn, Owen, Park & Quan who share profits and losses in the ratio of 2:2:2:4 in the LLP of Nunn, Owen, Park & Quan LLP have the following capital balances on May 31. 2011: Park retired from the partnership and was paid $50,000 cash in full settlement of his interest in the partnership Reed was admitted to the partnership with a $20,000 cash investment for a 10% interest in the net assets of Nunn, Owen, Quan & Reed LLP. Required Prepare journal entries on May 31, 2011, to record the above events, if no goodwill was to be recognized for the foregoing events