Question - H. Barrajas, T. Dingler, and R. Fisk have capital balances of $99,790, $72,720, and $62,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Fisk withdraws from the partnership under each of the following conditions.
Fisk is paid $71,300 in cash from partnership assets, and a bonus is granted to the retiring partner.
Fisk is paid $58,900 in cash from partnership assets, and bonuses are granted to the remaining partners.
Instructions - Journalize the withdrawal of Fisk under each of the assumptions above.