Floyd and Merriam Start a Partnership Business on June 12 $$\begin{array} { | l | r | } \hline \text { Floyd } & \$ 50,000 \\\hline \text { Merriam } & 20,000 \\\hline\end{array}$$

Floyd and Merriam start a partnership business on June 12, 2019. Their capital account balances as of December 31, 2020 stood as follows: $$\begin{array} { | l | r | } \hline \text { Floyd } & \$ 50,000 \\\hline \text { Merriam } & 20,000 \\\hline\end{array}$$ Floyd agrees to sell off half of his share to Ramelow in exchange for $30,000 cash. Which of the following is the correct journal entry in the books of the firm for the above transfer of interest?

A) $$\begin{array} { | c | r | r | } \hline \text { Cash } & 30,000 & \\\hline \text { Ramelow, Capital } & & 30,000 \\\hline\end{array}$$
B) $$\begin{array} { | c | r | r | } \hline \text { Floyd, Capital } & 25,000 & \\\hline \text { Ramelow, Capital } & & 25,000 \\\hline\end{array}$$
C) $$\begin{array} { | r | r | r | } \hline \text { Cash } & 30,000 & \\\hline \text { Floyd, Capital } & 25,000 & \\\hline \text { Ramelow, Capital } & & 55,000 \\\hline\end{array}$$
D) $$\begin{array} { | c | r | r | } \hline { \text { Cash } } & 30,000 & \\\hline \text { Floyd, Capital } & & 5,000 \\\hline \text { Ramelow, Capital } & & 25,000 \\\hline\end{array}$$