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Lopez, Cruz, and Perez are partners and share net income and loss in a 6:4:1 ratio (in ratio form: Lopez Cruz ili and Perez,
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Answer #1

Part 1

Date

General Journal

Debit

Credit

Dec 31

Prez, capital

1200

Cash

1200

(to record the retirement of Prez)

Part 2

Date

General Journal

Debit

Credit

Dec 31

Prez, capital

1200

Lopez, capital (1600-1200)*6/10

240

Cruz, capital (1600-1200)*4/10

160

Cash

1600

(to record the retirement of Prez)

Part 3

Date

General Journal

Debit

Credit

Dec 31

Prez, capital

1200

Cash

700

Lopez, capital (1200-700)*6/10

300

Cruz, capital (1200-700)*4/10

200

(to record the retirement of Prez)
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