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what is the answer? Conklin plans to leave the CAP Partnership. The recorded balance in her capital account is $48,000. The remaining partners, Arthurs and
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Conklin plans to leave the CAP Partnership. The recorded balance in her capital account is $48,000. The remaining partners, Arthurs and Preston, agree to pay Conklin $58,000 cash and Conklin accepts. The partners share income and loss equally. Prepare the journal entry to record the transaction. Select one a. Debit Conklin, Capital $48,000; Credit Arthurs, Capital $4,000; Preston Capital $4,000,Cash $40.000. b. Debit Conklin, Capital $48,000; Arthurs, Capital $5,000; Preston, Capital $5,000; Credit Cash $58,000. c. Debit Conklin, Capital 565,000; Credit Cash $65,000. Od Debit Conklin, Capital $20,000; Debit Arthurs, Capital $20,000; Credit Cash $40.000
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