Simonsen, Paulson, and Richardson are partners in a firm with the following capital account balances: Simonsen $60,000 Paulson 170,000 Richardson 90,000 The profit-and-loss-sharing ratio among Simonsen, Paulson, and Richardson is 1:32, in the order given. Paulson is retiring from the partnership on December 31, 2018. Paulson's capital account is settled at book value. Which of the following journal entries would the firm record for Paulson's withdrawal? Paulson, Capital 170,000 Cash 170,000 Paulson, Capital 170,000 Cash 110,000 Simonsen, Capital 20.000 Richardson, Capital 40,000 Cash 170,000 Paulson, Capital 170,000 Paulson, Capital 170,000 Simonsen, Capital 60,000 Richardson, Capital 90,000 Cash 320.000 QUESTION 50 Liquidation in a partnership refers to the admission or withdrawal of a partner that dissolves the partnership increasing the investment in highly liquid assets shutting down the business by selling its assets and paying its liabilities purchase of another partnership form which is operating in the same business