Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per partnership on December 31, 2020, just before the retirement of Nix, are as follows: Nix Capital (30%) 128,000 Man Capital (30%) 140,000 Per Capital (40%) 160,000 Total 428,000 On January 2, 2021, Nix is paid $170,000 cash upon his retirement. Prepare the journal entry(s) to record Nix’s retirement assuming that goodwill, as implied by the payment to Nix, is recorded on the partnership books.
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Capital balances and profit-and-loss-sharing ratios for the Nix, Man and Per
Nix Capital (30%) 128,000
Man Capital (30%) 140,000
Per Capital (40%) 160,000
Total 428,000
On January 2, 2021, Nix is paid $170,000 cash upon his retirement.
Prepare the
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