Ted,Marshall and Barney are partners in the Lots A Laughs Company and share profits and losses in a ratio of 3:2:1,respectively.Marshall retires and is bought out by his partners.The partners' current capital account balances,after closing entries,are $147,000,$98,000,and $49,000,respectively.The new net income agreement for Ted and Barney will be 3:1.
Prepare the entry for the retirement of Marshall.The partnership agrees to give Marshall $75,000 cash and a note payable for $65,000.Round to the nearest dollar if necessary.

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The Answer of Ted,Marshall and Barney are partners in the Lots A Laughs Company and share profits and losses in a ratio of 3:2:1,respectively.Marshall retires and is bought out by his partners.The partners' current capital account balances,after closing entries,are $147,000,$98,000,and $49,000,respectively.The new net income agreement for Ted and Barney will be 3:1.
Prepare the entry for the retirement of Marshall.The partnership agrees to give Marshall $75,000 cash and a note payable for $65,000.Round to the nearest dollar if necessary.

Ted,Marshall and Barney Are Partners in the Lots a Laughs