C4.7 Jack, John, and Joe have been operating a business as a limited liabilitypartnership for several years. On July 11, 2020, Jack, John, and Joe had acapital balance of $226,000, $189,000 and $127,000 respectively. However,Joe decided to withdraw from the partnership to pursue other opportunities.The partners agreed that Joe would receive the current value of his capitalaccount using the partnership's cash.Do not enter dollar signs or commas in the input boxes.Use the negative sign for amounts that must be subtracted.a) Calculate the new capital balance for each partner after the withdrawal ofJoe.JackJohnJoeTotalCapitalbalancebefore thewithdrawalWithdrawal ofa partnerCapitalbalance afterthewithdrawalb) Prepare the journal entry to record the withdrawal of JoeDateAccount Title and ExplanationDebitCreditJul 11To record the withdrawal of apartner

Withdrawal of thr partner's interest reduces not only the cash of the firm but also reduces total…

a) Calculate the new capital balance for each partner after the withdrawal of Joe. Jack John Joe Total Capital balance before the withdrawal Withdrawal of |a partner Capital balance after the withdrawal b) Prepare the journal entry to record the withdrawal of Joe Date Account Title and Explanation Debit Credit Jul 11 To record the withdrawal of a partner